Commercial building on Hongkong Street for sale at $24 mil

CDL Aries to build 24-storey project on two adjoining The Myst plots at 798 and 800 Upper Bukit Timah Road in Singapore’s Tan Chong industrial park, which will take full advantage of the various developments and rejuvenation plans in the area.

Situated in close proximity to the Clarke Quay and Raffles Place MRT stations, 36 Hongkong Street is up for sale with a guide price of $24 million. The five-storey commercial building, completed in 2021, has a balance land tenure of 95 years on the 99- year lease and features regular and column-free floorplates. Its land area of 1,733sqft is zoned for commercial use, and its built-up area of around 7,279 sqft features new electrical and air-conditioning systems, as well as lift access to every floor.

Clemence Lee, executive director of capital markets, Singapore at CBRE, remarked that such a commercial building – with its prime asset status and strong rental command – is highly sought-after. Additionally, Lee mentioned that the incoming owner has the flexibility to explore several value-add angles, such as conversion to alternative uses such as co-living, serviced apartments, medical and wellness centres, or commercial schools, subject to the approval from relevant authorities.

At $3,297 psf, the guide price for the property reflects a competitive pricing for this asset class. The expression of interest exercise for 36 Hongkong Street will close on April 27 at 3pm. With its attractive attributes, the building is expected to draw strong interest among investors and owner-occupiers alike.