Two adjoining commercial 5-storey shophouses at North Canal Road for sale at $45 mil
The estates have a consolidated GFA of 13,472 sq ft and a plot ratio of 4.2 following improvements, where interiors were remodelled and the mezzanine was expanded to maximise the permitted plot proportion. Different current enhancement featured lift access to all levels, regular and effective floor plates and a roof terrace overlooking Hong Lim Park and the city horizon. It gives high-visibility front view along the busy North Canal Road, an opportunity for businesses to set up their brand visibility.
The property is located in prime District 1, within the Upper Circular Road Conservation Area, and settles on a property area of 3,208 sq ft. The overview price of $45 million equate to $3,340 psf based on the gross floor area (GFA).
A set of adjacent 5-storey shophouses at 30 & 31 North Canal Road are up for sale through expression of interest (EOI) with a seeking price of $45 million, according to CBRE and Savills, the joint exclusive marketing agents for these real properties.
The EOI exercise are going to finish on 12 November, 3pm.
Located within the Central Business District (CBD), it is a brief 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 tramp is expected with several amenities in the area, such as dining establishments, pubs, boutique hotels and fitness studios.
Ever since it is zoned as a commercial building under the Urban Redevelopment Authority (URA) Master Plan 2019, foreigners and firms are eligible to buy it without Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) applicable on the purchase. In addition, the asset’s land tenure was increased to 99 years, beginning from 2024.
” This asset presents an opportunity to invest in a prime place where substantial shophouse assets of similar profile are extremely restricted in supply,” claims Michael Tay, deputy regulating director at CBRE Singapore.
Yap Hui Yee, executive director of investment sales & capital markets at Savills Singapore, includes that “new standalone industrial buildings in the CBD are exceptionally uncommon, providing an unique possibility for clients and occupiers to acquire a prominent CBD address with complete naming and signage rights.”
