999-year leasehold commercial building at 30 Prinsep Street for sale at $157 million via Expression of Interest

Singapore, 3 January 2024 – CBRE, as the exclusive marketing agent, is offering a rare opportunity to acquire a 999-year building located at 30 Prinsep Street. The sale will be conducted through an Expression of Interest exercise, which closes on Wednesday, 7 February 2024, at 3pm.

Boasting a wide street frontage along Prinsep Street, the 11-storey commercial building sits on a 999-year site of approximately 15,000 sq ft. Zoned for “Commercial” with a Gross Plot Ratio of 4.2 under the URA’s Master Plan 2019, the Property has a Gross Floor Area (GFA) of approximately 67,335 sq ft and was extensively refurbished in 2013. It comes with premium specifications such as full glass façade and efficient floorplates, an outdoor roof terrace on level 6, office lobby, F&B approved shop spaces on level 1, and a private parking facility with a total of 52 lots.

30 Prinsep Street presents an opportunity for investors and owner-occupiers to acquire a 999-year leasehold building located within a commercial enclave in the Dhoby Ghaut / Bras Basah precinct. The area has gone through a phase of gentrification and has attracted numerous MNCs, including Lazada, Spotify, and UBS as their choice location. During the night, the area transforms into a trendy F&B and lifestyle destination with established dining establishments. The area will be further rejuvenated with the redevelopment of Peace Centre and Peace Mansion – slated to be a mixed commercial and residential development spanning over 600,000 sq ft of premium space that will further cement the submarket’s appeal and drive growth in rents and capital value.

At the guide price at S$157 million, it translates to approximately S$2,332 per square foot based on the Gross Floor Area. Foreigners and corporates are eligible to purchase and there will not be any Additional Buyer’s Stamp Duty and Seller’s Stamp Duty imposed.



Mr Michael Tay (郑兆能), Head of Capital Markets, Singapore at CBRE, says, “Freehold / 999-year boutique buildings in good locations, with a palatable investment quantum, are rarely available and appeal to a wide range of buyers such as family offices, high-net-worth individuals, corporates, and boutique real estate funds. In the past 12 months, we have observed a growing demand for such assets with notable transactions including VisionCrest for $450 million in November 2023, strata floors at Solitaire on Cecil for more than $50 million per floor, and Liberty House for $92.2 million in April 2023.”

Mr Tay also expects demand to remain strong as Singapore is well-positioned to outperform both in the immediate term as a safe haven, and also in the longer-term as its economy regains momentum. He believes Singapore’s conducive investment environment and its concentration of high growth sectors will allow it to capitalise on increasing investment flow.

On the property, Mr Tay adds, “Subject to approval from relevant authorities, there are various value-enhancement options that may be viable. There is a sizeable roof terrace on level 6 which presents an opportunity to house a rooftop bar / restaurant or an outdoor gym. The incoming buyer can also convert some of the underutilised parking lots across levels 2 to 5 into leasable areas that can generate additional rental income. The existing building can even possibly be retrofitted to house alternative uses such as hotel, serviced apartments or medical suites amongst others. These initiatives will allow the new owner to maximise the rental returns and capital value of the Property.”

30 Prinsep Street enjoys excellent accessibility and is well connected to other parts of Singapore via public and private transportation. The Bencoolen, Bras Basah, and Dhoby Ghaut MRT Stations are only short walks away. Numerous bus services can also be found along Prinsep Street and Bras Basah Road. By car, the property is conveniently connected to other parts of Singapore via expressways such as the Central Expressway (CTE) and Nicoll Highway.