SINGAPORE – A strata-titled cinema space in Golden Mile Tower has been put up for sale with a guide price of $31 million.
Exclusive marketing agent CBRE announced on June 29 that the sale will be conducted through an expression of interest exercise.
Located at 6001 Beach Road, the property – currently occupied by Carnival Cinemas Singapore – features a strata area of about 104,991 sq ft spread across multiple levels.
The $31 million guide price translates to roughly $295 per square foot based on the strata area.
The premises comprise four auditoriums with a combined seating capacity of up to 2,000, as well as office spaces on the third and fourth levels.
Foreigners and corporate entities are eligible to purchase the commercial property, and the transaction will not be subject to additional buyer’s stamp duty.
Joshua Giam, CBRE’s director of capital markets for Singapore, said that the asset offers a high degree of versatility for incoming buyers.
“Such a sizeable strata commercial space in a prime location is rarely available for sale, presenting an exceptionally unique opportunity,” he said.
“Subject to the relevant authorities’ approval, there is potential to reconfigure the premises into a single large auditorium with a seating capacity of close to 2,000, or to partially convert the space into alternative uses such as an event venue, media production studio, or gym,” he added.
CBRE said that it expects strong interest from both end-users and investors.
The asset is situated 200m from the Nicoll Highway MRT station, placing it one train stop away from Suntec City and two stops from Marina Bay Sands.
Road connectivity is supported by major arterial roads and expressways, including Beach Road, Nicoll Highway, the East Coast Parkway and the upcoming North-South Corridor.
The cinema space is directly adjacent to the upcoming Golden Mile redevelopment. This neighbouring project is expected to enhance the area’s appeal, increasing footfall and supporting long-term value appreciation within the precinct.
The expression of interest exercise for the property will close on Aug 4. THE BUSINESS TIMES
