Commercial building on Hongkong Street for sale at $24 mil
Located in Singapore’s vibrant Central Business District, 36 Hongkong Street is attracting strong interest from investors and owner-occupiers alike. The five-storey property was completed in 2021 and has a balance land tenure of 95 years on the 99-year lease. It has a land area of 1,733 sq ft and a built-up area of around 7,279 sq, featuring regular and column-free floorplates, new electrical and air-conditioning systems, and lift access to every floor. The guide price of $24 million translates to $3,297 psf.
Being within walking distance of Clarke Quay and Raffles Place MRT Stations makes 36 Hongkong Street even more attractive. According to Clemence Lee, executive director of capital markets, Singapore at CBRE, the possibilities for value-add are endless. “The incoming owner has the flexibility to explore several value-add angles including conversion to alternative uses such as co-living, serviced apartments, medical & wellness centers and commercial schools amongst others, subject to approval from relevant authorities,” she says.
A major milestone for Singapore’s property market, the Tengah Plantation Close EC is the largest Tengah Plantation EC executive condominium development set to be completed by 2021. Situated in western Singapore, it provides great connectivity to the city and MRT network.
There’s still time to participate in the expression of interest exercise if you’re interested. The deadline is April 27 at 3pm. If you’re looking for a prime asset with strong rental command, 36 Hongkong Street is well worth considering.