BUGIS Point, a 999-year commercial property at 530 North Bridge Road, has been put up for sale via an expression of interest (EOI) with an indicative price of S$92 million, said exclusive marketing agent PropNex on Monday (Feb 13).
This translates to S$4,623 per square foot (sq ft) based on the total floor area of about 19,902 sq ft, including the basement and roof terrace, PropNex said.
The six-storey building has a site area of 2,784 sq ft, which is zoned for commercial use under the Urban Redevelopment Authority’s Master Plan.
Foreigners and companies are eligible to purchase Bugis Point with no additional buyer’s stamp duty and seller’s stamp duty payable.
Bugis Point is fully leased to Jin Jin Eating House on the first floor and basement, while the upper floors were refurbished in 2021 and leased to new karaoke operators.
Buyers of the property will have naming and signage rights, as well as flexibility for alternative uses such as 24-hour restaurants, private clubs and offices, subject to the relevant authorities’ approval, PropNex said.
The agent noted that Bugis Point is a one-minute walk from Bugis MRT station. Other landmark developments in the area include South Beach Residences, Suntec City and Guoco Midtown.
PropNex Realty associate group division director Loyalle Chin noted that there is an increasing trend of private wealth clients and family offices seeking buildings within the S$100 million price range.
“We expect overwhelming interest from both investors and owner-occupiers who recognise this once-in-a-lifetime opportunity to acquire a 999-year commercial building in a bustling locale with high human traffic,” he said.
The building was reportedly last put up for sale in 2016 at S$59.5 million.
The EOI exercise for the property will close at 3 pm on Apr 18.