Two adjoining commercial 5-storey shophouses at North Canal Road for sale at $45 mil
The properties have a combined GFA of 13,472 sq ft and a plot ratio of 4.2 following improvements, where interiors were revamped and the mezzanine was expanded to maximise the allowable plot proportion. Other modern improvement included lift entry to all grounds, regular and efficient floor plates and a roof terrace overlooking Hong Lim Park and the city skyline. It provides high-visibility frontage along the busy North Canal Road, an opportunity for services to develop their company existence.
Yap Hui Yee, executive director of investment sales & resources markets at Savills Singapore, includes that “brand-new standalone commercial buildings in the CBD are exceedingly unusual, offering an one-of-a-kind opportunity for investors and occupiers to safeguard a respected CBD address with full naming and signage rights.”
A pair of adjacent 5-storey shophouses at 30 & 31 North Canal Road are up for sale by means of expression of interest (EOI) with an asking cost of $45 million, according to CBRE and Savills, the mutual exclusive advertising and marketing agents for these properties.
Found within 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 many amenities in the location, such as dining establishments, bars, boutique hotels and fitness studios.
” This asset provides a chance to purchase a prime area where large shophouse assets of comparable profile are extremely restricted in supply,” says Michael Tay, deputy coordinating executive at CBRE Singapore.
The EOI exercise will conclude on 12 November, 3pm.
Since it is zoned as a business real estate following the Urban Redevelopment Authority (URA) Master Plan 2019, immigrants and companies are entitled to purchase it with no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) suitable on the deal. In addition, the possession’s land tenure was extended to 99 years, beginning from 2024.
The property is situated in prime District 1, within the Upper Circular Road Conservation Area, and sits on a property area of 3,208 sq ft. The guide cost of $45 million translates to $3,340 psf based upon the gross floor area (GFA).
