Two adjoining commercial 5-storey shophouses at North Canal Road for sale at $45 mil
Situated 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 terminal on the East-West and North-South Line. Heavy step is expected with several amenities in the area, such as dining establishments, pubs, boutique accommodations and fitness studios.
Yap Hui Yee, executive supervisor of investment sales & resources markets at Savills Singapore, includes that “brand-new standalone industrial structures in the CBD are extremely uncommon, providing an one-of-a-kind opportunity for investors and occupiers to acquire a prominent CBD address with complete naming and signage rights.”
Ever since it is zoned as a business property under the Urban Redevelopment Authority (URA) Master Plan 2019, foreigners and business are qualified to purchase it with no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) relevant on the deal. Furthermore, the property’s land tenure was increased to 99 years, beginning from 2024.
The property is situated in prime District 1, inside the Upper Circular Road Sanctuary, and sits 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).
” This asset offers a chance to invest in a prime place where substantial shophouse assets of comparable account are extremely restricted in supply,” claims Michael Tay, deputy regulating director at CBRE Singapore.
The EOI activity will conclude on 12 November, 3pm.
A pair of surrounding 5-storey shophouses at 30 & 31 North Canal Roadway are up for sale via expression of interest (EOI) with a seeking rate of $45 million, according to CBRE and Savills, the shared private advertising agents for these real estates.
The real estates have a consolidated GFA of 13,472 sq ft and a plot ratio of 4.2 following remodellings, where insides were remodelled and the mezzanine was stretched to maximise the allowable plot ratio. Many other current update featured lift connection to all floors, regular and effective floor plates and a roof terrace overlooking Hong Lim Park and the city skyline. It offers high-visibility frontage along the busy North Canal Road, an opportunity for companies to establish their label presence.
