Two adjoining commercial 5-storey shophouses at North Canal Road for sale at $45 mil
Located within the Central Business District (CBD), it is a quick 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 location, such as dining establishments, bars, boutique accommodations and fitness studios.
” This asset presents a chance to invest in a prime location where substantial shophouse assets of comparable profile are extremely limited in supply,” says Michael Tay, sub managing director at CBRE Singapore.
A set of adjacent 5-storey shophouses at 30 & 31 North Canal Roadway are up for sale through expression of interest (EOI) with an asking rate of $45 million, according to CBRE and Savills, the mutual exclusive advertising agents for these real estates.
Ever since it is zoned as a commercial building under the Urban Redevelopment Authority (URA) Master Plan 2019, immigrants and business are entitled to acquire it without having Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) suitable on the purchase. Furthermore, the property’s land tenure was expanded to 99 years, commencing from 2024.
Yap Hui Yee, executive manager of investment sales & resources markets at Savills Singapore, includes that “brand-new standalone business structures in the CBD are exceedingly uncommon, providing an unique possibility for capitalists and tenants to secure a prominent CBD address with full naming and signage rights.”
The property is situated in top District 1, within the Upper Circular Road Conservation Area, and remains on a property area of 3,208 sq ft. The guide cost of $45 million equate to $3,340 psf based upon the gross floor area (GFA).
The estates have a consolidated GFA of 13,472 sq ft and a plot ratio of 4.2 following improvements, wherein insides were overhauled and the mezzanine was extended to increase the permitted plot ratio. Many other modern update consisted of lift connection to all floors, regular and effective floor plates and a roof balcony overlooking Hong Lim Park and the city horizon. It gives high-visibility front view along the busy North Canal Road, an opportunity for services to set up their brand visibility.
The EOI exercise are going to finish on 12 November, 3pm.
