# Portfolio of three boutique commercial buildings in CBD up for sale at $90 mil

- **Source:** EdgeProp Singapore
- **Published:** 2026-07-15T03:53:24.000Z
- **Author:** Atiqah Mokhtar
- **Original:** https://www.edgeprop.sg/property-news/portfolio-three-boutique-commercial-buildings-cbd-sale-90-mil
- **Topics:** Commercial & Industrial, New Launches, Government & Policy

## Featured rationale

Immediate rental income and potential conversion into about 450 hostel beds may attract investors seeking adaptable conservation assets under more supportive hospitality planning guidelines.

## AI summary

Three newly refurbished, fully tenanted CBD commercial buildings are offered individually or as a circa $90 million portfolio at $3,100 to $3,200 psf.

## Original article

A portfolio of three boutique commercial buildings located in the CBD have been launched for sale via an expression of interest (EOI) exercise. Located at 40 Carpenter Street, 38 North Canal Road and 32 Hongkong Street, the properties have guide prices of $22.4 million, $44.4 million and $22.35 million, respectively.

All three buildings are newly refurbished and fully tenanted, according to joint marketing agents Cushman & Wakefield and CBRE. They also come with fresh 99-year leases, they add.

The guide prices for the buildings translate to psf prices ranging from $3,100 to $3,200, based on gross floor area (GFA). They can be purchased individually or collectively, with the total portfolio priced at circa $90 million.

Read also: Fresh wave of conserved commercial buildings hits the market in Upper Circular Road after URA policy shift

The building at 40 Carpenter Street occupies 1,669 sq ft of land and has a GFA of about 7,012 sq ft. On North Canal Road, the building spans 3,320 sq ft of land and a GFA of around 14,322 sq ft. Meanwhile, the Hongkong Street building sits on 1,718 sq ft of land and has a GFA of approximately 7,211 sq ft. All the sites have a plot ratio of 4.2.

The assets are part of a wave of conservation commercial properties in Upper Circular Road that have hit the market following changes in URA’s planning policies for the area. “Fully tenanted and generating immediate rental income, the portfolio comes to market at a time when planning guidelines have become increasingly supportive of hospitality and short-stay accommodation uses,” comments Sophia Lim, director of capital markets at Cushman & Wakefield Singapore.

Clemence Lee, executive director of capital markets at CBRE Singapore, adds that the portfolio’s vendor has commissioned consultants to study the potential conversion of the assets. The buildings could be converted into a backpacker or student hostel with about 450 beds, subject to approvals from the relevant authorities. Alternatively, buyers can consider boutique hotel or serviced apartment conversions with larger room configurations.

The EOI exercise will close at 3pm on Aug 18.

## Chinese translation

> Translation model: grok

### 中央商务区三栋精品商业楼组合以约9,000万新元挂售

物业位于卡彭特街、北干拿路与香港街，均为新近整修、满租的建筑。

位于中央商务区（CBD）的三栋精品商业楼组合已通过意向书（EOI）方式挂牌出售。物业分别位于卡彭特街40号、北干拿路38号与香港街32号，指导价分别为2,240万、4,440万与2,235万新元。

据联合营销代理高纬环球（Cushman & Wakefield）与世邦魏理仕（CBRE），三栋建筑均新近整修并满租，且均拥有全新99年地契。

按总楼面面积（GFA）计算，各楼指导价约合每平方英尺3,100至3,200新元。可单独或整包购买，组合总价约9,000万新元。

延伸阅读：市区重建局政策调整后，上圆形路一带保护商业建筑再掀挂牌潮

卡彭特街40号占地1,669平方英尺，总楼面面积约7,012平方英尺；北干拿路物业占地3,320平方英尺，总楼面面积约14,322平方英尺；香港街物业占地1,718平方英尺，总楼面面积约7,211平方英尺。各地块地积比均为4.2。

这些资产属于上圆形路一带保护商业物业挂牌浪潮的一部分，此前市区重建局对该区规划政策有所调整。高纬环球新加坡资本市场董事Sophia Lim表示：“组合满租并可即刻产生租金收入，入市恰逢规划指引日益支持酒店与短租住宿用途。”

世邦魏理仕新加坡资本市场执行董事Clemence Lee补充，卖方已委托顾问研究资产改造潜力。在获相关当局批准的前提下，建筑或可改建为约450个床位的背包客或学生旅舍；买家亦可考虑以更大客房配置改造成精品酒店或服务式公寓。

意向书征集将于8月18日下午3时截止。