Bugis Cube, a commercial property located along 470 North Bridge Road has been put up for collective sale.
This was informed by Cushman & Wakefield, the marketing agents for this sale. The six-storey building that also included a car park at the basement has been listed for S$230 million reserve price.
The commercial building comprises of 119 strata-titled retail stores that include hair & nail salons, F&B outlets and a popular family karaoke lounge.
As per the reserve price the land rate for this building is arrived at S$3,452 psf ppr taking into account 66,614 sq ft (6,188.67 sq m) of Gross Floor Area that the building has. The plot ratio for this property is 5.735.
The building with a 999-year leasehold tenure sits on an 11,615 sq ft (1,079.1 sq m) plot. As per the URA’s 2014 Master Plan this site has been zoned commercial with 4.2 plot ratio and maximum allowable height of six storeys.
The marketing agent informed that more than 80% of the owners going by the strata area and share value have already consented to this collective sale.
The tender exercise for this property shall close on November 14 at 3:00 PM.
Associate Director of Capital Markets at Cushman & Wakefield, Annalyn Ooi said that the sale would be in the form of vacant possession.
This would allow the buyer to enhance taking up redevelopment works. They would have the option of converting the space into clinics, speciality services as well as exploring the idea of converting it into co-working space.
He added that the buyer would also have the option of converting the space into a boutique office where they would enjoy naming rights.
The property is advantageously located and stands opposite to Bugis Junction. It is also in the close vicinity of Liang Seah Street one of the most popular place for food and beverage.
There are several bars, steamboat restaurants and cafes in this area.
Executive Director of Capital Markets at Cushman & Wakefield, Shaun Poh said that there is increased attention in this area after two commercial buildings changed hands recent.
This is a quantum increase of S$388 million than what it has acquired the property for back in 2006. M+S Pte Ltd had pocketed S$1.575 billion selling the retail and office areas in Duo back in July.
Bugis Cube is part of the vibrant Bras Basah and Bugis neighbourhood. There are several projects under development in close vicinity that include Shaw Towers and Guoco Midtown. Under the recent GLS (Government Land Sales) programme tenders for residential developments were also awarded at Middle Road and Tan Quee Lan Street.
Bugis Cube is well connected and only 250 metres from the City Hall MRT station and almost the same distance from Bugis MRT station. This offers commuters seamless access to all parts of Singapore.
The Marina Coastal Expressway (MCE) and East Coast Parkway (ECP) also enhance the connectivity options to this place.
Bugis Cube was earlier known by the name of North Bridge Commercial Complex. Griffin Real Estate Investment Holdings had acquired this project for S$46 million in 2009.
Andy Ong, former director of Sakae Holdings had established this company. Griffin had later sold some parts of the property for a sum of S$142 million. It was later refurbished and changed its name to Bugis Cube.