Two adjoining commercial 5-storey shophouses at North Canal Road for sale at $45 mil
The property is situated in top District 1, inside the Upper Circular Road Conservation Area, and sits on a land area of 3,208 sq ft. The overview rate of $45 million equate to $3,340 psf based on the gross floor area (GFA).
Situated inside the Central Business District (CBD), it is a short five-minute stroll 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 footfall is anticipated with lots of amenities in the location, such as dining establishments, bars, boutique accommodations and fitness studios.
A pair of surrounding 5-storey shophouses at 30 & 31 North Canal Road are up for sale through expression of interest (EOI) with a seeking cost of $45 million, according to CBRE and Savills, the joint outstanding marketing agents for these real estates.
The EOI exercise are going to end on 12 November, 3pm.
The real estates have a combined GFA of 13,472 sq ft and a plot ratio of 4.2 following renovations, where insides were revamped and the mezzanine was extended to increase the permitted plot proportion. Different today’s enhancement included lift access to all grounds, regular and reliable floor plates and a roof terrace overlooking Hong Lim Park and the city sky line. It gives high-visibility frontage throughout the busy North Canal Road, an opportunity for organizations to establish their brand visibility.
” This asset offers an opportunity to invest in a prime place where sizable shophouse assets of comparable profile are extremely restricted in supply,” claims Michael Tay, deputy coordinating executive at CBRE Singapore.
Since it is zoned as a commercial property under the Urban Redevelopment Authority (URA) Master Plan 2019, immigrants and firms are eligible to buy it with no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) appropriate on the deal. In addition, the possession’s land tenure was extended to 99 years, beginning from 2024.
Yap Hui Yee, executive manager of financial investment sales & resources markets at Savills Singapore, adds in that “brand-new standalone industrial structures in the CBD are extremely rare, offering an one-of-a-kind opportunity for investors and occupiers to safeguard a prestigious CBD address with complete naming and signage rights.”
