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 Conservation Area, and settles on a land area of 3,208 sq ft. The guide price of $45 million translates to $3,340 psf based on the gross floor area (GFA).
The EOI activity are going to conclude on 12 November, 3pm.
Since it is zoned as a commercial building following the Urban Redevelopment Authority (URA) Master Plan 2019, immigrants and firms are entitled to purchase it without having Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) relevant on the deal. In addition, the property’s land tenure was expanded to 99 years, starting from 2024.
Yap Hui Yee, executive manager of financial investment sales & resources markets at Savills Singapore, adds that “brand-new standalone industrial structures in the CBD are extremely uncommon, providing an one-of-a-kind possibility for clients and occupiers to acquire a prominent CBD address with complete naming and signage rights.”
The real estates have a mixed GFA of 13,472 sq ft and a plot ratio of 4.2 following restorations, wherein interiors were revamped and the mezzanine was expanded to maximise the allowed plot proportion. Different current upgrades included lift connection to all grounds, regular and efficient floor plates and a roof balcony overlooking Hong Lim Park and the city horizon. It gives high-visibility front view around the busy North Canal Road, an opportunity for businesses to establish their brand visibility.
A pair of nearby 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 shared exclusive marketing agents for these properties.
Found inside the Central Business District (CBD), it is a short 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 footfall is anticipated with several amenities in the location, such as dining establishments, bars, boutique hotels and fitness studios.
” This property offers a chance to purchase a prime place where large shophouse assets of comparable profile are extremely limited in supply,” says Michael Tay, deputy regulating executive at CBRE Singapore.
