Business

Bugis Cube up for collective sale

Reserve price of $230 million has been set for six-storey commercial building

Bugis Cube has been put up for collective sale via a public tender exercise at a reserve price of $230 million, Cushman & Wakefield said yesterday.

The six-storey commercial building at 470 North Bridge Road has 119 strata-titled retail shops, including food and beverage outlets; beauty, hair and nail salons; and a family karaoke lounge. It has a basement car park.

The reserve price works out to a land rate of about $3,452 per square foot per plot ratio, based on the verified gross floor area of 66,614 sq ft, or 6,188.67 sq m, and a plot ratio of 5.735.

The 999-year leasehold site has a land area of 1,079.1 sq m or 11,615 sq ft. It is zoned "commercial" with a plot ratio of 4.2 and a maximum height of six storeys, according to the Urban Redevelopment Authority's Master Plan 2014.

Owners holding not less than 80 per cent by share value and strata area have agreed to the collective sale, the agent said. The tender exercise closes on Nov 14 at 3pm.

Ms Annalyn Ooi, Cushman & Wakefield's associate director of capital markets, said: "As the sale is with vacant possession, the prospective buyer will have the opportunity to add value to the building through asset enhancement initiatives, such as by introducing co-working space concepts, speciality services and clinics."

The property is opposite Bugis Junction and adjacent to Liang Seah Street, a popular food and beverage street.

Mr Shaun Poh, Cushman & Wakefield's executive director of capital markets, noted that the recent sales of Bugis Junction Towers and Duo have added to the growing interest in the locality.

Last week, Keppel Reit agreed to sell its strata ownership of Bugis Junction Towers to Village Prop for $547.5 million - $388 million more than what it paid for the property in 2006.

As for Duo, M+S Pte Ltd confirmed in July that it is selling the office and retail areas of the mixed-use development for $1.575 billion.

Bugis Cube sits within the eclectic Bras Basah and Bugis neighbourhoods.

The area includes upcoming projects such as Guoco Midtown and Shaw Towers.

Tenders for future residential developments at Tan Quee Lan Street and Middle Road were also recently awarded under the Government Land Sales Programme.

Bugis Cube is about 250m from the City Hall and Bugis MRT stations, and has easy access from other parts of Singapore via the East Coast Parkway and Marina Coastal Expressway.

Formerly known as North Bridge Commercial Complex, the property was acquired in 2009 for $46 million by Griffin Real Estate Investment Holdings.

Griffin then sold some of the units to individual buyers for $142 million in total, before the building was refurbished and renamed Bugis Cube. - THE STRAITS TIMES

Property