Middle Road commercial building for sale at $80 mil
Its long tenure, central location and exemption from additional buyer’s stamp duty and foreign ownership restrictions may support investor demand for redevelopment or repositioning into alternative commercial uses.
The 999-year leasehold Foo Ann Building at 45 Middle Road is offered for sale at $80 million, equivalent to $3,138 psf on its 25,493 sq ft GFA.
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A 999-year leasehold commercial building at 45 Middle Road is up for sale through an expression of interest (EOI) exercise with a guide price of $80 million.
The six-storey property, also known as Foo Ann Building, has a land area of 5,554 sq ft and a gross floor area (GFA) of about 25,493 sq ft.
Based on the GFA, the guide price works out to $3,138 psf. As a commercial property, the asset is not subject to additional buyer’s stamp duty or foreign ownership restrictions.
Read also: Three freehold commercial assets on South Bridge Road, Frankel Avenue for sale at $67 mil
Checks online indicate that levels 1 to 5 of the building currently serve as the campus for Academies Australasia College, an education provider offering programmes ranging from preparatory to degree and postgraduate courses.
Located in the Beach Road-Bugis precinct, the building is close to several landmarks and lifestyle amenities, including the National Library, Raffles Hotel and Bugis Junction. It is also within walking distance of the Bugis, Bras Basah and City Hall MRT stations.
The building’s strategic location, coupled with its 999-year tenure, offers investors a compelling proposition for redevelopment or asset repositioning, commented Yeo Khee Liang, associate senior marketing director at Huttons Asia, in an October release.
Lee Sze Teck, Huttons’ senior director of data analytics, added that buyers could consider converting the building into office, hospitality or co-living spaces.
The EOI will close at 3pm on Dec 7.