Bright Chambers sold en bloc for $45m

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

The Bright Chambers en bloc deal translates to a psf price of about S$1,076 over the existing gross floor area or $1,287 psf over total strata area. This is Jones Lang LaSalle’s second commercial en bloc sale, following last month’s sale of San Centre along Chin Swee Road.

Bright Chambers has a land area of 5,263 sq ft and a remaining leasehold term of around 60.5 years. Zoned commercial under the 2008 Master Plan, the property has an existing plot ratio of 7.943 and comprises eight strata-titled units including offices from the third to ninth floors and retail spaces on the ground and mezzanine level.

“Prospects recognise the positive attributes of the Bright Chambers’ building, being situated at a busy major intersection with prominent street frontages and close to MRT stations, and as a result the tender exercise attracted good interest from both investors and end users,” said Karamjit Singh, Head of Investments & Residential at Jones Lang LaSalle.

“In 2011, we sold Midlink Plaza in a collective sale; last month San Centre and now Bright Chambers en bloc. These are all strata-titled leasehold commercial projects located in or around the CBD for which buying interest has been strong for their redevelopment or repositioning value. We anticipate more of such commercial en bloc sales to take place. In fact, we are actively looking out for more commercial en bloc sellers.”