The Prospex in Bugis now up for grabs

The sale will be conducted through an EOI exercise.

Real estate firm JLL announced the sale of The Prospex in Bugis, a nine-storey newly refurbished commercial building located at 108 Middle Road.

JLL noted the property underwent major renovation works in 2015. It was redesigned with brand new full glass windows, mechanical and electrical systems, lifts, building lobby and common areas.

Sitting on a land rea of approximately 5,263 sq ft, the property consists of a two level retail podium and seven levels of office floors.

"The property is prominently located at the intersection of Middle Road and Victoria Street and is highly visible to the vehicular and shopper traffic. It is located about 400 metres from Bugis MRT station and is readily accessible via public transportation. Located within the Central Business District (CBD), the property is easily accessible to other parts of Singapore via the Marina Coastal Expressway (MCE), Ayer Rajah Expressway (AYE) and Central Expressway (CTE)," JLL disclosed.

The indicative guide price for The Prospex is in excess of $70 million, which translates to about $1,674 psf on the existing GFA. As the property sits on land zoned for commercial use, foreigners are eligible to purchase the property. There is also no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) imposed on the purchase of the property.

The sale of The Prospex will be conducted through an EOI exercise which closes on March 21.