Bugis Cube located at No. 470 North Bridge Road (the “Property”), has been put up for collective sale via a Tender exercise by the appointed marketing agent, Cushman & Wakefield. Owners holding not less than 80% by share values and strata area have collectively agreed to the sale by way of public tender.
Bugis Cube is situated in the vibrant eclectic â€œBras Basah Bugisâ€ neighbourhood with a mix of our heritage past and modern skyscrapers. This area is undergoing an exciting transformation with the anticipated completion of upcoming projects such as Guoco Midtown, Shaw Towers and the future residential developments at Tan Quee Lan Street and Middle Road that were both recently sold under the Government Land Sales Programme. Other large-scale mixed used developments in the area include South Beach and Duo which were both opened in the recent past. It is also just opposite Bugis Junction and adjacent to Liang Seah Street â€“ a popular street filled with steamboat restaurants, bars and dessert cafes.
Presently, Bugis Cube is a 6-storey building with a basement floor car park. It has 119 strata-titled retail shops boasting a mixed of select F&B outlets, beauty, hair, nail salons and family karaoke lounge.
This 999-year leasehold site has a land area of 1,079.1 sq m (11,615 sq ft approximately). According to the Master Plan 2014, the site is zoned “Commercial” with a plot ratio 4.2 and a maximum storey height of 6-storey. It has a verified Gross Floor Area of 6,188.67 sq m (66,614 sq ft approximately), equivalent to a plot ratio of 5.735.
It is a 250 metre walk to City Hall MRT and Bugis MRT station which is an interchange Station for the East-West Line and the Downtown Line, providing easy access to occupiers and retail customers. It also has easy access from other parts of the island via the East Coast Parkway (ECP) and Marina Coastal Expressway (MCE).
The owners’ reserve price is $230 million which works out to approximately $3,452 per sq ft per plot ratio on the verified gross floor area.
Ms Annalyn Ooi, Associate Director of Capital Markets at Cushman & Wakefield said: “Such a 999-year leasehold tenure site in prime location is rarely available for sale. As the sale is with vacant possession, the prospective buyer could take the opportunity to add value to the building through asset enhancement initiatives by introducing co-working space concepts, specialty services and clinics, or convert into a boutique office building with its own naming rights.”
Shaun Poh, Executive Director, Capital Markets said “The recent sales of two commercial buildings Bugis Junction Towers and DUO have definitely further added to the growing interest in the locality”.
The tender exercise closes on 14 November 2019 (Thursday), at 3.00pm.
For further information, please contact:
Associate Director, Capital Markets
+65 6232 0886/ 97243662
Associate Director, Communications
+65 6317 8349/ 96916449
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.