A seven-storey commercial freehold building, located at South Bridge Road has been subjected for a collective sale.
Merchants Building in District 1, is now up for sale in the en bloc market with a reserve price of S$23.5 million.
Sitting on a freehold site that measures 104.5 square meters, the Merchants Building also comes with a gross plot ratio of 4.2, according to the 2014 master plan of the Urban Redevelopment Authority.
Also situated in the country’s prime area Central Business District, the building has a gross floor area of 7,760 square feet.
All the units of the building are Strata-titled and are held by 6 separate and different ownerships.
The owners have decided to sell their properties collectively. Base on the reserve price mentioned above, it would translate to S$3,028 psf ppr.
Cushman and Wakefield’s capital markets executive director and also the property’s marketing agent, Shaun Poh said that with the cooling measures that took place recently in the residential sector along with the positive view in the commercial and office segments, specifically those at the prime locations, it is more likely that many investors will surely get interested on the enbloc sale of the Merchants Building.
Apart from the fact that the Merchants Building is a good place for commercial purposes, the executive director also added that Merchants Building can also be an excellent pick for end-users like professional services providers, house designers, family offices etc.
All of these often look for and require a whole building so that they can have a place wherein they can do their day to day operations.
This will also let them enjoy the naming rights of the building.
The tendering of the Merchants Building is expected to close at 3 o’clock in the afternoon on 5th of December, 2018.