North Bridge Commercial Center for sale by tender

The site has the potential to be remodeled into a boutique office or retail development, with the opportunity for individual unit sale.

DTZ has been appointed the sole marketing agent for the collective sale of North Bridge Commercial Complex at 470 North Bridge Road, Singapore. The sale is being conducted through a tender exercise which will close on Thursday, 3 March 2011, 3 pm.

Owners with more than 90% of the total strata area and share values have given their consent to the collective sale, according to a DTZ report.

The property enjoys a wide and prominent frontage along North Bridge Road, and is very conveniently located with three MRT stations serving the area – City Hall MRT Interchange, Bugis MRT Station and the future Bugis Station on the Downtown Line. Strategically located in a vibrant neighbourhood, prominent developments nearby include the popular Bugis Junction, Inter-Continental Hotel, Raffles Hotel, upcoming South Beach project, Raffles City, amongst others.

It is highly accessible via Beach Road, Middle Road, Rochor Road, Bras Basah Road, Nicoll Highway and East Coast Park Expressway.

The freehold property sits on a land area of 1,079.1 sq m (11,615 sq ft) approximately. According to the Master Plan 2008, the site is zoned ‘Commercial’ at plot ratio 4.2, with building height of up to 6-storey. This translates into a total gross floor area of approximately 4,532.2 sq m (48,784 sq ft) approximately. The development is a 6-storey commercial block with existing gross floor area of 6,188.67 sq m (66,614 sq ft) approximately.

Shaun Poh, DTZ’s Senior Director for Investment Advisory Services and Auction commented: "There has been no similar property offering in the vicinity recently and we expect the property to attract keen interest from investors and developers. Given the site’s central and convenient location and its prominent frontage, the property has the potential to be revamped into a boutique office or retail development, with the opportunity for individual unit sale which has been well sought-after by retail investors. Shop units at The Bencoolen have recently changed hands at $3,500 to $5,300 psf and at Sim Lim Square up to $9,000 psf. Other possible development options include Residential use with Commercial at first storey and for Hotel use, subject to planning approval."

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