Two adjoining commercial 5-storey shophouses at North Canal Road for sale at $45 mil
A set of nearby 5-storey shophouses at 30 & 31 North Canal Road are up for sale by means of expression of interest (EOI) with a seeking rate of $45 million, according to CBRE and Savills, the shared exclusive advertising agents for these real properties.
The asset is located in top District 1, inside the Upper Circular Road Sanctuary, and remains on a property area of 3,208 sq ft. The guide cost of $45 million convert to $3,340 psf based on the gross floor area (GFA).
Yap Hui Yee, executive manager of investment sales & capital markets at Savills Singapore, adds that “new standalone commercial buildings in the CBD are exceptionally rare, offering an unique chance for clients and occupiers to obtain a respected CBD address with full naming and signage rights.”
Located inside 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 terminal on the East-West and North-South Line. Heavy footfall is expected with many amenities in the location, such as dining establishments, pubs, boutique hotels and fitness studios.
” This property presents an opportunity to invest in a prime area where substantial shophouse assets of comparable profile are extremely restricted in supply,” states Michael Tay, deputy managing executive at CBRE Singapore.
Ever since it is zoned as a business real estate under the Urban Redevelopment Authority (URA) Master Plan 2019, foreigners and firms are qualified to buy it without Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) relevant on the deal. In addition, the asset’s land tenure was increased to 99 years, commencing from 2024.
The EOI activity are going to conclude on 12 November, 3pm.
The estates have a consolidated GFA of 13,472 sq ft and a plot ratio of 4.2 following remodellings, wherein interiors were revamped and the mezzanine was expanded to maximise the permitted plot proportion. Other today’s upgrades consisted of lift connection to all floors, regular and efficient floor plates and a roof balcony overlooking Hong Lim Park and the city skyline. It presents high-visibility front view along the busy North Canal Road, an opportunity for businesses to set up their brand visibility.
