Nine-storey commercial building at Middle Road sold for $45 million

A COMMERCIAL building at the junction of Middle Road and Victoria Street has been sold for $45 million or about $1,076 per square foot of existing gross floor area.

The buyer is Arjuno Holdings, a special purpose vehicle managed by Pamfleet Asset Management (Singapore).

Bright Chambers, a nine-storey building, has a land area of 5,263 sq ft, and is zoned for commercial use.

The site has an existing plot ratio of 7.943, exceeding the 4.2 plot ratio under the Master Plan 2008.

The building comprises eight strata-titled units with retail use on the ground and mezzanine level and offices from the third to ninth storey, and has a remaining lease term of about 601/2 years.

Mr Karamjit Singh, head of investments and residential at Jones Lang LaSalle, who brokered the deal, said the tender exercise attracted good interest from both investors and end users, thanks to the building's prominent location at a major intersection and its proximity to MRT stations.

"In 2011, we sold Midlink Plaza in a collective sale; last month San Centre and now Bright Chambers," said Mr Singh.

"These are all strata-titled leasehold commercial projects located in or around the central business district, for which buying interest has been strong for their redevelopment or repositioning value."