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Singapore: The expression of interest (EOI) exercise for 402 North Bridge Road has been extended to July 9, following new planning guidelines that could allow the property to be converted into hospitality accommodation.
The six-storey commercial building, marketed by ETC, is located next to Raffles Hotel in Singapore’s City Hall-Bugis district. The property was first listed for sale on May 12, with EOI closing scheduled for June 11.
The extension comes after the Urban Redevelopment Authority (URA) announced that it will now allow new hotels, hostels and serviced apartments to be considered in the Beach Road and Upper Circular Road street blocks.
As 402 North Bridge Road falls within the Beach Road area, the changes could create new opportunities for investors looking to redevelop the property for hospitality use.
The 999-year leasehold building has a gross floor area of approximately 17,729 square feet and is being marketed with a guide price of S$70 million.
Swee Shou Fern, head of investment advisory at ETC, said: “Over the past few weeks, we have received overwhelming enquiries from both local and foreign investors on this prime asset, including several parties who are keen to explore adaptive re-use of the existing commercial building for hotel use.
“The relaxation in planning guidelines now provides regulatory assurance for such change-of-use proposals. The policy shift enhances the long-term attractiveness of the asset, given the wider range of value-creation opportunities now. The extension of the EOI exercise will allow interested parties additional time to fully evaluate the property and formulate their proposals.
“As lifestyle and travelling trends evolve, visitors increasingly seek diverse and centrally located accommodation options that are near civic and cultural districts and well-served by MRT accessibility. Introducing new lifestyle and hospitality offerings will spur greater vibrancy and higher footfall, ultimately driving an uplift in capital values of the properties in these precincts,” she added.
Highlights:
- The EOI exercise for 402 North Bridge Road in Singapore has been extended to 9 July, following updated URA planning guidelines enabling potential hospitality conversion.
- Located next to Raffles Hotel in the City Hall–Bugis district, the six-storey, 999-year leasehold commercial building has a guide price of S$70 million.
- URA policy changes now allow hotels, hostels and serviced apartments within the Beach Road and Upper Circular Road precincts, expanding redevelopment options.
- ETC reports strong investor interest in adaptive reuse opportunities, with potential repositioning of the 17,729 square foot asset into hospitality accommodation.
