Two adjoining commercial 5-storey shophouses at North Canal Road for sale at $45 mil
Yap Hui Yee, executive supervisor of investment sales & capital markets at Savills Singapore, adds that “new standalone commercial structures in the CBD are extremely uncommon, offering an one-of-a-kind possibility for investors and occupiers to acquire a prominent CBD address with full naming and signage rights.”
The asset is located in top District 1, inside the Upper Circular Road Sanctuary, and positions on a property area of 3,208 sq ft. The guide rate of $45 million equate to $3,340 psf based on the gross floor area (GFA).
Ever since it is zoned as a business property following the Urban Redevelopment Authority (URA) Master Plan 2019, foreigners and business are entitled to acquire it with no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) appropriate on the purchase. Additionally, the asset’s land tenure was expanded to 99 years, beginning from 2024.
” This property provides an opportunity to invest in a prime place where sizable shophouse assets of similar account are extremely limited in supply,” states Michael Tay, sub managing executive at CBRE Singapore.
Located within the Central Business District (CBD), it is a quick five-minute walk from Clarke Quay and Chinatown MRT on the North-East Line, and the Raffles Place MRT station on the East-West and North-South Line. Heavy step is anticipated with lots of amenities in the area, such as dining establishments, clubs, boutique hotels and fitness studios.
The EOI exercise are going to conclude on 12 November, 3pm.
The estates have a mixed GFA of 13,472 sq ft and a plot ratio of 4.2 following remodellings, where insides were remodelled and the mezzanine was extended to maximise the permitted plot ratio. Different current improvement featured lift connection to all grounds, regular and reliable floor plates and a roof balcony overlooking Hong Lim Park and the city horizon. It offers high-visibility front view throughout the busy North Canal Road, an opportunity for businesses to set up their company presence.
A set of adjacent 5-storey shophouses at 30 & 31 North Canal Roadway are up for sale via expression of interest (EOI) with an asking price of $45 million, according to CBRE and Savills, the mutual exclusive marketing agents for these real estates.
