Commercial building on Hongkong Street for sale at $24 mil

36 Hongkong Street, a newly completed five-storey commercial building located in Singapore, is up for sale through an expression of interest exercise. CBRE, the marketing agent in charge, has set a guide price of $24 million for the property. With a balance land tenure of 95 years on the 99-year lease, and a land area of 1,733 sq ft zoned for commercial use, this could be an ideal location for investors or owner-occupiers.

The built-up area of around 7,279 sq ft is outfitted with regular and column-free floorplates and features new electrical and air-conditioning systems, as well as lift access to every floor. Based on these specs, the guide price works out to an attractive $3,297 psf.

What’s more, the asset offers great accessibility; it’s within walking distance of Clarke Quay and Raffles Place MRT stations. Moreover, there is plenty of scope to value-add due to the versatile configuration of the building – possible conversions to alternative uses, such as co-living, serviced apartments, medical and wellness centres, and commercial schools, may be approved by the authorities.

Tengah EC is the first eco-friendly executive condominium to be launched in Singapore. It features sustainable green features such as wind turbines, solar heating Tengah EC and a water conservancy station. Located near the Bukit Timah Nature Reserve, the development provides convenient access to the city center and is open to eligible married couples. SLA launched the Tengah Plantation Loop EC GLS Tender in October 2020 for a new EC development in Tengah Town.

The expression of interest exercise for 36 Hongkong Street will close on April 27, at 3pm. Boutique commercial buildings such as this one are highly sought-after assets, and it may not be long before an owner or investor takes advantage of this one-of-a-kind opportunity.