Six-storey building at 28 Carpenter Street launches for $65m interest exercise

The property comprises a total gross floor area of approximately 17,639 sq. ft, agent CBRE said.

A six-storey commercial building located at 28 Carpenter Street has been opened for an expression of interest exercise with a guide price of $65m.

Positioned on a corner in District 1, CBD, the property sits on a land plot of 3,065 square feet and offers a total gross floor area of approximately 17,639 sq. ft., marketing agent CBRE said.

The building is zoned for commercial use under the Urban Redevelopment Authority (URA) Master Plan 2025 and has a gross plot ratio of 4.2, CBRE added.

The agent also said that the building completed a series of refurbishment works in 2024, which involved the addition of land tenure to a 99-year lease, building façade renovations, replacement of major equipment, and conversion of the ground-floor premises to restaurant use.

The guide price translates to approximately $3,685 per sq. ft. on the total floor area. The asset is currently fully tenanted, and CBRE said that foreigners and companies are eligible to purchase without an Additional Buyer's Stamp Duty (ABSD) or Seller's Stamp Duty (SSD).

The building at 28 Carpenter Street goes on sale as new office supply is expected to further constrict in 2026, leasing demand continues, vacancy rates decline, and office rents are projected to increase, said Clemence Lee, executive director of capital markets of CBRE.

The property is marked by a 40-metre frontage featuring a mural and is positioned between Boat Quay and Clarke Quay, the agent said.