In 2024, extensive addition and alteration works were done on the property, which involved the top-up of its land tenure to a fresh 99-year lease. Its ground floor space has been converted for use as a restaurant space.
Photo: Albert Chua of The Edge Singapore
The property features a mural of two opera singers done by Sean Dunston, who was in the news last year for his mural of a smoking samsui woman at 297 South Bridge Road.
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"Standalone boutique commercial developments in the prestigious District 1 are exceptionally rare and highly sought-after, typically tightly held by discerning investors," says Clemence Lee, executive director of capital markets, Singapore at CBRE, which is handling this sale.
"With new office supply expected to further constrict in 2026, coupled with robust leasing demand, and declining vacancy rates, office rents are projected to increase.
"Therefore, 28 Carpenter Street presents a compelling opportunity for significant rental and capital appreciation over the medium to long term," he says.
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According to CBRE, the precinct where this property is located is set for further rejuvenation, with several new developments expected to inject new vibrancy into the district.
These include the newly refreshed CQ @ Clarke Quay, following a $62 million asset enhancement, the upcoming Canninghill Piers — an integrated mixed-use development comprising 696 residential units alongside retail, hotel and serviced residences; and Union Square, which will offer Grade A offices, 366 residential units, retail spaces and co-living facilities.
"28 Carpenter Street's prime corner location and striking artwork establish it as a prominent landmark within the CBD, making it a rare and valuable asset," says Lee.
"Its exceptional location, directly opposite Clarke Quay MRT and offering immediate access to a vibrant mix of dining, retail, and lifestyle amenities, further enhances its appeal.
"The upcoming developments of CanningHill Piers and Union Square will only amplify the precinct's desirability," he adds.
The sale will be conducted via an expression of interest exercise, which closes at 3pm on Feb 11.
