For $13.58 million, a building at South Bridge Road was sold

The owner of a commercial property located between 38 and 40 South Bridge Road has sold the property to a buyer at $13.58 millions in an unlisted transaction. The five-storey building has an approximate gross floor space (GFA) 11219 square feet. It is serviced with an elevator that is located inside. “The building is surrounded by stunning city views from the top floors” declares Galven Tan the deputy managing director of capital markets and investment sales in Savills Singapore, who brokered the deal.

Marina View Residences street directory is along Union Street and Shenton Way, putting the future residents at a stone’s throw distance from the Shenton MRT station that links to the Thomson East-Coast Line.

The price of purchase of $13.58 million is equivalent to $1,210 per square foot in accordance with GFA. The current five-storey building is on two leasehold 99-year sites. A single of the sites is a large land area of 1,300 square feet and the lease expiring in 2001 for 99 years which means that it has 17 years left in the lease. The second site with a land area of 1,324 sq feet, is an 99-year lease that dates back to 1947, meaning it has a total of 24 years left under the lease.

Formerly known as the People’s Insurance Building, the property was sold on January 1st, 2000 at $4.766 million, as per Realis.

It is believed that the property was sold as vacant possession. According to the URA Master Plan 2019, the site is classified as commercial with a the gross plot ratio being 4.2 and is included in the Singapore River planning area.