Two adjoining commercial 5-storey shophouses at North Canal Road for sale at $45 mil
The asset is located in prime District 1, within 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 upon the gross floor area (GFA).
Located inside the Central Business District (CBD), it is a brief five-minute walk from Clarke Quay and Chinatown MRT on the North-East Line, and the Raffles Place MRT terminal on the East-West and North-South Line. Heavy step is expected with lots of amenities in the location, such as restaurants, pubs, boutique hotels and fitness studios.
” This asset provides an opportunity to purchase a prime place where substantial shophouse assets of comparable profile are extremely limited in supply,” says Michael Tay, sub regulating executive at CBRE Singapore.
The real estates have a mixed GFA of 13,472 sq ft and a plot ratio of 4.2 following improvements, wherein insides were remodelled and the mezzanine was extended to increase the allowable plot proportion. Different current upgrades featured lift access to all floors, regular and efficient floor plates and a roof balcony overlooking Hong Lim Park and the city skyline. It offers high-visibility front view throughout the busy North Canal Road, an opportunity for businesses to establish their company visibility.
A set of adjacent 5-storey shophouses at 30 & 31 North Canal Road are up for sale by means of expression of interest (EOI) with an asking price of $45 million, according to CBRE and Savills, the joint outstanding marketing agents for these real estates.
Yap Hui Yee, executive supervisor of investment sales & capital markets at Savills Singapore, adds in that “new standalone business buildings in the CBD are exceedingly unusual, offering an unique opportunity for investors and occupants to acquire a respected CBD address with complete naming and signage rights.”
Since it is zoned as a business building under the Urban Redevelopment Authority (URA) Master Plan 2019, immigrants and companies are entitled to purchase it without having Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) relevant on the transaction. In addition, the property’s land tenure was increased to 99 years, starting from 2024.
The EOI exercise will conclude on 12 November, 3pm.
