Commercial building in Prinsep Street up for sale at S$157 million guide price

Citi Commercial Pte Ltd

A COMMERCIAL building at 30 Prinsep Street is up for sale via expression of interest at a guide price of S$157 million, exclusive marketing agent CBRE said on Wednesday (Jan 3).

The guide price translates to around S$2,332 per square foot (sq ft) based on a gross floor area of 67,335 sq ft.

The building, which was refurbished in 2013, comes with an outdoor roof terrace on the sixth floor, an office lobby, food-and-beverage-approved shop spaces on the first floor and a private parking facility with 52 lots.

It sits on a 999-year leasehold site spanning 15,000 square feet (sq ft) zoned for commercial use. It has a gross plot ratio of 4.2 under the Urban Redevelopment Authority’s 2019 Master Plan.

Subject to approval from the relevant authorities, there are various viable value-enhancement options, said CBRE Singapore head of capital markets Michael Tay.

For example, the roof terrace on the sixth floor could house a rooftop bar, restaurant or outdoor gym. The incoming buyer could also convert some of the underutilised parking lots across the second and fifth floors into leasable areas that can generate additional rental income.

Potentially, the existing building could be retrofitted into a hotel, serviced apartments or medical suites, Tay noted.

30 Prinsep Street is located near Bencoolen, Bras Basah and Dhoby Ghaut MRT stations. It is also connected to expressways such as the Central Expressway and Nicoll Highway.

As the land plot is zoned for commercial use, there will be no additional buyer’s stamp duty and seller’s stamp duty imposed. Foreigners and corporates are also eligible to purchase, CBRE said.

The expression of interest exercise will close at 3 pm on Feb 7, 2024.

More News