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SINGAPORE – A seven-storey commercial freehold building, Merchants Building, at 76 South Bridge Road, has been put up for $ 23.5 million.
Merchants Building has a land area of 104.5 square meters. 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 the Upper Circular Conservation Area in the Central Business District. The gross floor area is estimated to be about 7,760 square feet.
The strata-titled units within the building are being held by six separate owners and the owners have decided to enter the market. The reserve price would be $ 3,028 per square foot on the gross floor area.
Shaun Poh, executive director of capital markets at Cushman & Wakefield, said: "Given the recent cooling measures in the residential segment, coupled with the optimistic outlook in the office, rentals, such as Merchants Building, will be looking for funds and investors looking for investment-grade assets. "
He added that the property would also be suitable for professional services providers, co-working operators and family offices which are seeking to acquire their entire business.
The tender for this property will close at 3pm on Dec 5, 2018.
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