The red-hot property market has prompted the sale of two prime freehold commercial buildings.
One is a four-storey building at 23 and 25 Kampong Bahru Road, opposite the Singapore General Hospital. The price is $16 million, or $1,421 per square foot of gross floor area. The site area is about 3,402 sq ft, with a total strata area of some 11,259 sq ft.
The boutique building has been set aside for commercial use, but the vendor is seeking approval to convert it to hotel use.
Another building up for sale is another four-storey building at 213 Upper Thomson Road. It is set amid an established, affluent private residential enclave near the Singapore Island Country Club.
The asking price for the building is $5.5 million, which works out to $823 per square foot of gross floor area. This building has a site area of approximately 2,446 sq ft and a gross floor area of about 6,679 sq ft.
The proposed developments for the property are corporate offices, showroom space and F&B businesses.
CB Richard Ellis is the marketing agent for this public tender, which closes on May 20.
Source: Today, 29 Apr 2010