Two adjoining commercial 5-storey shophouses at North Canal Road for sale at $45 mil
Found inside 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 tramp is anticipated with many amenities in the area, such as restaurants, clubs, boutique hotels and fitness studios.
The property is located in prime District 1, within the Upper Circular Road Sanctuary, and sits on a land area of 3,208 sq ft. The guide cost of $45 million convert to $3,340 psf based on the gross floor area (GFA).
” This asset provides an opportunity to purchase a prime area where substantial shophouse assets of similar profile are extremely restricted in supply,” states Michael Tay, sub managing executive at CBRE Singapore.
A set of surrounding 5-storey shophouses at 30 & 31 North Canal Roadway are up for sale by means of expression of interest (EOI) with an asking rate of $45 million, according to CBRE and Savills, the joint outstanding advertising and marketing agents for these real estates.
Since it is zoned as a business building under the Urban Redevelopment Authority (URA) Master Plan 2019, foreigners and companies are entitled to acquire it with no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) suitable on the purchase. Additionally, the property’s land tenure was increased to 99 years, commencing from 2024.
The real estates have a mixed GFA of 13,472 sq ft and a plot ratio of 4.2 following remodellings, where insides were renewed and the mezzanine was expanded to maximise the permitted plot proportion. Many other today’s enhancement included lift entry to all floors, regular and efficient floor plates and a roof terrace overlooking Hong Lim Park and the city horizon. It presents high-visibility front view along the busy North Canal Road, an opportunity for services to establish their brand existence.
The EOI exercise are going to end on 12 November, 3pm.
Yap Hui Yee, executive director of financial investment sales & resources markets at Savills Singapore, adds in that “brand-new standalone business structures in the CBD are exceedingly uncommon, offering an one-of-a-kind opportunity for investors and occupiers to acquire a respected CBD address with complete naming and signage rights.”
