Two adjoining commercial 5-storey shophouses at North Canal Road for sale at $45 mil
Yap Hui Yee, executive manager of investment sales & capital markets at Savills Singapore, adds that “new standalone industrial buildings in the CBD are extremely unusual, providing an one-of-a-kind chance for clients and occupants to safeguard a respected CBD address with complete naming and signage rights.”
Located within the Central Business District (CBD), it is a brief five-minute walk 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 step is anticipated with several amenities in the area, such as restaurants, clubs, boutique hotels and fitness studios.
Ever since it is zoned as a business property under the Urban Redevelopment Authority (URA) Master Plan 2019, immigrants and business are qualified to acquire it without having Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) applicable on the deal. In addition, the asset’s land tenure was expanded to 99 years, commencing from 2024.
The asset is situated in top District 1, inside the Upper Circular Road Conservation Area, and remains on a land area of 3,208 sq ft. The overview price of $45 million convert to $3,340 psf based upon the gross floor area (GFA).
The real estates have a mixed GFA of 13,472 sq ft and a plot ratio of 4.2 following improvements, where interiors were remodelled and the mezzanine was stretched to increase the allowable plot ratio. Different modern improvement included lift entry to all grounds, regular and efficient floor plates and a roof balcony overlooking Hong Lim Park and the city skyline. It offers high-visibility front view around the busy North Canal Road, an opportunity for services to establish their company visibility.
The EOI activity will finish on 12 November, 3pm.
” This property offers an opportunity to purchase a prime area where substantial shophouse assets of comparable account are extremely limited in supply,” states Michael Tay, deputy coordinating director at CBRE Singapore.
A set of surrounding 5-storey shophouses at 30 & 31 North Canal Roadway are up for sale by means of expression of interest (EOI) with an asking price of $45 million, according to CBRE and Savills, the mutual exclusive marketing agents for these real properties.
