Bright Chambers sold en bloc for S$45 million

Bright Chambers, a nine-storey commercial building at the junction of Middle Road and Victoria Street, has been sold en bloc for S$45 million to Arjuno Holdings, a special purpose vehicle run by Pamfleet Asset Management, marketing agent Jones Lang LaSalle said yesterday.

Bright Chambers, zoned for commercial use, sits on a land area of 5,263 sq ft and has an existing plot ratio of 7.943, exceeding the 4.2 plot ratio under the Master Plan 2008.

The building, with a remaining lease term of about 60.5 years, comprises strata-titled units for retail use on the ground and mezzanine level and offices from the third to ninth storeys.

The sale price translates to about S$1,076 per square foot over the existing gross floor area, or S$1,287 psf over total strata area, Jones Lang LaSalle said.

Mr Karamjit Singh, Head of Investments & Residential at Jones Lang LaSalle, which handled the collective sales of Midlink Plaza in Middle Road in 2011 and San Centre in Chin Swee Road last month, said the company anticipated more of such sales.

“These are all strata-titled leasehold commercial projects located in or around the Central Business District, for which buying interest has been strong for their redevelopment or repositioning value,” he said.

Source : Today – 26 Apr 2013

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