Merchants Building has a 6,927 sqft gross floor area (GFA).
A seven-storey freehold commercial development, Merchants Building, in South Bridge Road has been put up for collective sale by tender with a reserve price of $23.5m, Cushman & Wakefield revealed.
The Merchants Building has a 104.5 sqm land area and is situated on an envelope control site within the secondary settlement of ‘Upper Circular Conservation Area’ in the Central Business District (CBD), the statement highlighted. The GFA is also estimated to be about 6,927 sqft.
Considering its guide price, the property’s rate is about $3,392 psf, according to Cushman & Wakefield.
“This sale represents an exquisite opportunity to acquire a freehold commercial building within the bustling city centre, which is a short 5-minute walk to the Clarke Quay MRT station (North-East Line),” Cushman & Wakefield executive director of capital markets Shaun Poh said “ The vibrant precinct is a popular district for businesses, tourists and locals alike for its wide array of amenities.”
The firm also noted that the property would be a prime option for end-users such as design houses, professional service providers, co-working operators and family offices who are looking to buy an entire building to house their operations.
“The new owner will have the option to redevelop or enhance the asset through addition and alterations (A&A) works, subject to approval from relevant authorities,” the real estate firm added.
The strata-titled units within the building are currently being held by six separate ownerships and the owners decided to jointly put the property up for sale by tender.
The tender for this property will close at 3 p.m. on 5 December.
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