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

The post Bright Chambers sold en bloc for S$45 million appeared first on LushHomeMedia.

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.

Source : Channel NewsAsia – 20 Mar 2013

The post Bright Chambers put up for collective sale by tender appeared first on LushHomeMedia.