51 Club Street is up for sale with a suggested price of $120 million

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A corner office building that is located in 51 Club Street is being offered for sale for an estimate cost of $120million through an expressions of interest (EOI) as per an announcement from CBRE on 17 October.

CBRE is the designated agency for marketing the property.

The five-storey 999-leasehold commercial building is built-up area of 28,876 sq feet which is equivalent to a psf price of $4,155 , based on the built-up area.

“It is located at an elegant location in the CBD and is expected to attract a broad variety of buyers, including family offices and companies, real estate boutiques and wealthy individuals,” claims Michael Tay, the head of capital markets at CBRE.

The property is situated on a 60m road with a dual-road frontage along Club Street and a roof terrace that overlooks The CBD along with the Chinatown skyline. The property was renovated extensively in the year 2011 and also has an exclusive parking area with five lots.

Corporates and foreigners are able to purchase commercial property without Extra Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD).

Investors can boost value by turning the rooftop terrace to a rooftop bar or restaurant, or retrofitting the second and fifth floors to be an elegant hotel or co-living space as per Clemence Lee, CBRE’s director of capital markets for the executive department at CBRE.

Club Street derives its name from the elite social clubs that lined the street from the latter part of the 19th century and into the early 20th century, where wealthy merchants and businessmen met. The historic district has since attracted families and wealth management companies and even associations during the morning hours. In the evening, the streets transform into a posh F&B and lifestyle hub. A brand new hotel with 19 floors is expected to be complete in the first quarter of 2023. It will add an additional 900 rooms to the region.