SINGAPORE - A seven-storey freehold commercial building, Merchants Building, at 76 South Bridge Road has been put up for collective sale by tender with a reserve price of $23.5 million.
Merchants Building has a land area of 104.5 sq m. Under the Urban Redevelopment Authority's Master Plan 2014, it is zoned "commercial" with a gross plot ratio of 4.2. The property is located on an envelope control site within the secondary settlement of Upper Circular Conservation Area in the Central Business District. The gross floor area is estimated to be about 7,760 sq ft.
The strata-titled units within the building are held by six separate ownerships and the owners have decided to jointly put the property up for sale by tender. The reserve price would translate to about $3,028 per square foot on the gross floor area.
Mr Shaun Poh, executive director of capital markets at Cushman & Wakefield, the marketing agent for the property, said: "Given the recent cooling measures in the residential segment, coupled with the optimistic outlook in the office sector, commercial properties especially those in prime central locations, such as Merchants Building, will likely interest opportunistic funds and investors looking for investment-grade assets."
He added that the property would also be suitable for end-users such as design houses, professional service providers, co-working operators and family offices which are seeking to acquire an entire building to house their operations and enjoy naming rights on the building.
The tender for this property will close at 3pm on Dec 5, 2018.