Recently-Expanded Corner Building in Singapore’s Prime CBD For Sale Via Expression of Interest

Singapore, 12 February 2025 – CBRE, as the exclusive marketing agent, is offering for sale 59 New Bridge Road, an expanded 5-storey conservation commercial building with a 6-storey rear extension. The sale will be conducted via an Expression of Interest exercise which closes on Thursday, 20 March 2025, at 3pm.

Commanding high-visibility dual road frontage at the prominent intersection of New Bridge Road and Hongkong Street, the asset is located within the Upper Circular Road Conservation Area and sits on a land area of approximately 4,318 square feet. It is zoned for “Commercial” use with a Plot Ratio of 4.2 under the Urban Redevelopment Authority (URA) Master Plan 2019.

The secondary conservation commercial building underwent extensive addition and alteration (A&A) works, which involved a complete revamp of its interiors and the addition of a 6-storey rear extension to maximise its allowable plot ratio. Recently completed, it now has a total gross floor area (GFA) of about 18,110 square feet and features regular and efficient floor plates, lift access on all floors, and a communal open roof terrace.





Mr Clemence Lee (利伟强), Executive Director of Capital Markets, Singapore at CBRE says, “Corner buildings like 59 New Bridge Road are highly sought-after due to their excellent attributes such as outstanding visibility, greater flexibility and efficiency in space planning, and abundant natural light, all of which then translate to superior rental command. With the expansion works newly completed, the subject property will also greatly appeal to owner-occupiers actively seeking to establish strong branding presence in a prime location for their business.”

Strategically flanked by two key lifestyle destinations in Singapore, Boat Quay and Clarke Quay, and within close proximity of the core Central Business District (CBD) area, the asset’s prime location has consistently attracted businesses of various trades over the years. The area is home to several acclaimed restaurants and bars, boutique hotels, and fitness studios amongst others, potentially offering occupiers immediate access to a wide range of F&B and lifestyle amenities at its doorstep. The Clarke Quay MRT station is also just a short 2-minute walk away, offering excellent connectivity to other parts of Singapore.

Several new and upcoming developments in the vicinity are set to further rejuvenate and add more vibrancy into this area. These include the 48-key boutique luxury hotel at 21 Carpenter Street operated by Design Hotels, the revamped CQ @ Clarke Quay which underwent a $62 million asset enhancement initiative to transform it into a day-and-night destination, and two upcoming large-scale integrated developments – CanningHill Piers (comprising 696 residential units, retail podium, hotel, and serviced residence) and Union Square (comprising Grade A offices, 366 residential units, retail podium and co-living). 

Mr Lee adds, “59 New Bridge Road presents a rare opportunity for investors and end-users looking to acquire a practically-new corner building in prime District 1. Shophouses located in the vicinity of 59 New Bridge Road are tightly held and seldom available for sale. The last time a corner shophouse in the vicinity was traded was in mid-2023 when 11 New Bridge Road changed hands at $23.8 million ($4,200 psf on built-up area) to a High Net Worth Individual (HNWI). With 59 New Bridge Road’s dynamic location, coupled with unparalleled convenience and connectivity, we believe that the asset will attract businesses across a variety of trades. Furthermore, with the addition of CanningHill Piers and Union Square into the area, the overall vibrancy of this area will be boosted, presenting exceptional potential for rental and capital appreciation for the new owner in the longer term.” 

The guide price for the asset is S$80 million, which translates to approximately S$4,417 psf on GFA. As this is a commercial property, foreigners and companies are eligible to purchase and there will be no Additional Buyer's Stamp Duty (ABSD) or Seller's Stamp Duty (SSD) applicable on the transaction.