A refurbished four-storey conservation building at 38 South Bridge Road is up for sale at a guide price of $38 million, translating to $3,618 psf on the 10,503 sq ft of gross floor area (GFA).
Occupying a 2,624 sq ft site and an 11.5m wide frontage, the property overlooks the conserved shophouses of Circular Road and commands panoramic views of the city skyline, including Marina Bay Sands, according to marketing agent Knight Frank Singapore.
The property has undergone voluntary conservation and a comprehensive asset enhancement initiative, achieving Certificate of Statutory Completion in June. Works included extensive upgrading of the building’s mechanical and electrical (M&E) systems, new lift installation, new washroom facilities on all four levels, and enhancements to the firefighting, mechanical ventilation and electrical infrastructure.
Designed with efficiency in mind, the building features efficient floor plates and generous floor-to-floor heights of approximately 3.9m. The lift also serves all four floors, allowing it to be leased by floor or occupied in its entirety as a corporate headquarters. It also offers potential building naming rights for owner-occupiers seeking to establish a corporate presence.
With a full commercial zoning, the property is suitable for a diverse range of office, retail and lifestyle occupiers. The first and fourth floors are approved for F&B use and are fitted with exhaust ducts and grease traps, making them well-suited for curated café or light dining concepts that complement the building's heritage character, says Knight Frank Singapore.
The sale comes on the back of the Urban Redevelopment Authority's (URA) revised planning approach for selected sites within the Upper Circular Road precinct, where accommodation-led uses such as hotels, serviced apartments and backpacker’s hostels may now be considered, subject to the relevant authorities' approvals.
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In line with the revised planning framework, the vendor has submitted an outline planning application for hotel use, further enhancing the property's long-term repositioning potential and providing investors with greater optionality beyond traditional office, retail and F&B uses, subject to the necessary planning approvals.
Melvin Chay, senior director, Knight Frank Singapore, says opportunities to acquire a newly refurbished boutique commercial building of this calibre are “exceptionally rare”. “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.”
With no additional buyer’s stamp duty (ABSD) or seller’s stamp duty (SSD), the property may be sold to both local and foreign investors, corporates and owner-occupiers alike.
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Against a backdrop of easing interest rates and Singapore's continued reputation as a safe-haven investment destination, Knight Frank Singapore expects strong interest from both domestic and regional capital seeking high-quality commercial assets with long-term value appreciation potential.
The expression of interest exercise will close at 3pm on Aug 19.
