For the past 15 year, Modern Montessori International’s corporate headquarters has been located at 72 South Bridge Road. In August 2006, the group purchased the shophouse freehold from the previous owner. The previous owner had already redeveloped it into a six-storey commercial building, with a roof terrace.
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Chairman of MMI, T Chandroo says that “we liked the building’s location at the CBD.” “Shophouses in Singapore are an iconic piece of architecture, and we were drawn to the building’s history.”
Four years later, in 2010, the adjacent shophouse at 70 South Bridge Road had been purchased. The former shophouse of four stories was torn down by Chandroo, who redeveloped it into six-storey buildings with roof terraces to match the neighboring block. The building was renamed MMI Building II.
Both commercial buildings are now up for sale at a price of $40 million. MMI Building is located at 72 South Bridge Road and has an area of 1,044 square feet with an estimated gross floor space (GFA), of 6,222 sq.ft. MMI Building II, 70 South Bridge Road, sits on a freehold land area of 1,281 square feet with an estimated GFA at 6,479 sq.ft. They have a combined GFA 12,701 sq.ft. Based on GFA, the asking price is $3,149 per square foot.
They are located at the corner of South Bridge Road & Hong Kong Street, which is just outside of the CBD. It is located in District 1, which is part the Core Central Region. Simon Monteiro, associate vice-president of List Sotheby’s International Realty and exclusive marketing agent for these properties, stated that such prime, freehold assets are attractive to family office.
South Bridge Road runs from Elgin Bridge, at the Singapore River, to Chinatown. It ends at Tanjong Pagar Road, Maxwell Road, and Neil Road in Tanjong Pagar District.
Monteiro believes the buildings at South Bridge Road will attract investors as well. Monteiro believes the spaces can be used for co-working, coliving, or as private members-only clubs like 1880 and Straits Clan. He says that the main attraction of the space is the roof with stunning views of the city and the shops along the Singapore River as well as part of Marina Bay Sands.
The new buyer could make additions or alterations to existing properties, or merge the two sites and redevelop them. The site is zoned for commercial use according to the URA Master Plan 2019. It has a plot ratio (4.2). The site combined will cover 3,629 square feet and have a maximum GFA of 15,237 square feet. Monteiro hired Tellus Architects + Design to create different renderings of a new building that includes six floors and an attic.
Chandroo of MMI believes that the group’s plan to “recycle capital” is part of their intention to redeploy it for other investments.
MMI will not lease the buildings. The buildings on South Bridge Road will be sold as vacant possession. Chandroo says, “We have a new headquarters and we are excited about our next chapter.”