Four-storey commercial building on South Bridge Road launched for sale at $38 mil
Approved F&B space and a pending hotel-use application could broaden repositioning options, potentially supporting investor interest in conserved CBD-fringe commercial assets.
The refurbished conservation building at 38 South Bridge Road launched for sale at $38 million, equivalent to $3,618 psf of gross floor area.
Body
A four-storey commercial building at 38 South Bridge Road has been launched for sale with a guide price of $38 million, or $3,618 psf on its gross floor area of approximately 10,503 sq ft. The property is available through an expression of interest exercise which will close at 3pm on Aug 19, said Knight Frank Singapore in a July 15 release.
The conservation building occupies a 2,624 sq ft site with an 11.5m-wide frontage. Recently refurbished, it features a communal roof terrace and is approved for F&B use on Levels 1 and 4. The property overlooks conserved shophouses on Circular Road and offers panoramic views of the city skyline, including Marina Bay Sands, adds Knight Frank.
The building has undergone voluntary conservation and a comprehensive asset enhancement initiative, with the Certificate of Statutory Completion obtained in June. Works included upgrading the building’s mechanical and electrical systems, a new lift, new washroom facilities on all four floors, and firefighting, mechanical ventilation and electrical infrastructure enhancements.
Read also: Fresh wave of conserved commercial buildings hits the market in Upper Circular Road after URA policy shift
“While located at the doorstep of Singapore’s CBD, the property enjoys a unique position along the city’s fringe, offering excellent connectivity to Clarke Quay, City Hall, Chinatown, Boat Quay and Raffles Place, while benefiting from immediate access to public parking adjacent to the building,” says Melvin Chay, senior director at Knight Frank Singapore.
The building's sale comes on the back of URA's revised planning approach for selected sites within the Upper Circular Road precinct, with accommodation-led uses such as hotels, serviced apartments and backpackers' hostels now allowed, subject to approvals from the relevant authorities.
According to Knight Frank, the seller has submitted an outline application for hotel use, which it says will enhance the property's long-term repositioning potential, subject to the necessary planning approvals.