Channelnewsasia.com | Posted: 20 March 2013 2059 hrs
SINGAPORE : A commercial building at Middle Road has been put up for collective sale by tender.
The building known as Bright Chambers has an indicative price tag of between S$45 million and S$50 million.
The 9-storey building has 8 units with a total strata area of 34,972 square feet.
Exclusive agent for the deal Jones Lang LaSalle says the site has a land area of 5,263 square feet.
The building is located next to the Bugis shopping area at the junction of Middle Road and Victoria street and is near Bugis MRT station.
The global property consultant says accessibility to the development will be "further enhanced" with the upcoming MRT Downtown Line.
Regional director of investments at Jones Lang LaSalle, Karamjit Singh, says the development is attractive - thanks to its prominent road frontages within the Central Business District.
He adds that this "would be ideal as corporate headquarters and for owners looking for naming rights of the building".
He notes: "As the leases are up for renewal, the buyer could also consider refurbishing the building and keep it as a long-term investment property that yields a steady stream of rental income."
Mr Singh says: "The new buyer could further subdivide the space that appeals to small start-ups or entrepreneurs looking for an office space within the CBD."
The tender will close at 3pm on 18 April 2013.
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