Two adjoining commercial 5-storey shophouses at North Canal Road for sale at $45 mil
Yap Hui Yee, executive supervisor of investment sales & capital markets at Savills Singapore, includes that “brand-new standalone industrial buildings in the CBD are extremely unusual, offering an unique chance for investors and tenants to secure a respected CBD address with full naming and signage rights.”
Since it is zoned as a business real estate following the Urban Redevelopment Authority (URA) Master Plan 2019, immigrants and firms are entitled to acquire it without having Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) applicable on the deal. Additionally, the possession’s land tenure was increased to 99 years, starting from 2024.
The EOI exercise will end on 12 November, 3pm.
The property is found in top District 1, within the Upper Circular Road Conservation Area, and settles on a land area of 3,208 sq ft. The guide price of $45 million translates to $3,340 psf based on the gross floor area (GFA).
Situated 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 station on the East-West and North-South Line. Heavy step is anticipated with lots of amenities in the location, such as dining establishments, pubs, boutique hotels and fitness studios.
” This property offers an opportunity to buy a prime area where sizable shophouse assets of similar profile are extremely limited in supply,” claims Michael Tay, deputy regulating executive at CBRE Singapore.
A set of surrounding 5-storey shophouses at 30 & 31 North Canal Roadway are up for sale through expression of interest (EOI) with an asking cost of $45 million, according to CBRE and Savills, the joint exclusive marketing agents for these properties.
The properties have a consolidated GFA of 13,472 sq ft and a plot ratio of 4.2 following improvements, where interiors were overhauled and the mezzanine was expanded to maximise the allowable plot proportion. Many other today’s upgrades featured lift entry to all floors, regular and reliable floor plates and a roof balcony overlooking Hong Lim Park and the city skyline. It gives high-visibility frontage throughout the busy North Canal Road, an opportunity for companies to set up their company visibility.
