999-Year Tenure Commercial Building Prominently Located Right In The Heart Of Bugis, For Sale Via Public Tender
Singapore, 27 September 2016 – CBRE is pleased to launch the Public Tender sale of Bugis Point, a 6-storey commercial building located right in the heart of vibrant Bugis.
The offering, located at 530 North Bridge Road, sits on a 999-year tenure site with a land area of approximately 2,776 square feet. The total floor area is approximately 16,975 square feet. The site is zoned for full commercial usage under the 2014 Master Plan. The Property features a strong tenant who operates a karaoke lounge which occupies the entire building and an ancillary F&B space on the ground floor. Approvals for Karaoke and Eating House are now rare to come by.
Bugis Point is strategically located directly opposite Bugis Junction and Bugis MRT Interchange Station. It is also situated within close proximity to the upcoming landmark integrated development, DUO, an iconic integrated development consisting of residential, commercial, office and hotel slated for completion next year. The building commands high visibility and enjoys about 18 metres of prominent main road frontage along North Bridge Road. Situated among four MRT lines, namely East-West Line, North-South Line, Downtown Line and Circle Line, the Property also enjoys seamless connectivity to the rest of Singapore.
Sammi Lim, Director, Investment Properties, CBRE said, “The market has been patiently awaiting the sale of a freehold or 999-year tenure commercial building in Bugis over the last few years. Bugis Point presents a valuable opportunity to acquire an income-producing single asset of 999-year tenure in the CBD, at a palatable quatum, which we expect a wide pool of buyers to be keen. The Property also comes with 6 strata titles and this will provide extra flexibility for strata sell down in the future.
We expect strong interest from a varied pool of buyers, both local and foreign, which will include investors, property funds and family offices. The opportunity for building naming and signage rights will highly attract owner-occupiers who are looking to set up corporate headquarters. With its strategic location and excellent visibility, the Property is ideal for F&B, retail, fitness centre, home & living and lifestyle businesses; also suitable for offices, educational activities, healthcare/medical.
Bugis is well established as an eclectic hub of work spaces, retail, play, food places that bring people together. The Property will certainly benefit from the continued rejuvenation of Bugis and Ophir-Rochor district. Nearby landmarks include Bugis Junction, the InterContinental Hotel and the National Library. With major landmark integrated developments like South Beach and DUO in the vicinity, the continued rejuvenation of the Bugis area sharpens the focus on the Downtown Core of Singapore. These iconic developments will position Bugis/Ophir-Rochor as an extension of the financial district and further transform it into a key business location.
Property owners are also expected to enjoy stronger capital upside moving forward in conjunction with this Bugis transformation.”
As a commercial property, this sale is open to both local and foreigner buyers with no additional buyers’ stamp duty (ABSD) or sellers’ stamp duty (SSD) imposed on the purchase of the property.
CBRE is the sole marketing agent for this Public Tender Exercise.
The tender closes on 9 November 2016, Wednesday at 3 pm.
Neither CBRE nor its affiliated companies make any warranties or claims on the implied accuracy of the information contained herein.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.