Two adjoining commercial 5-storey shophouses at North Canal Road for sale at $45 mil
The asset is found in top District 1, inside the Upper Circular Road Sanctuary, and positions on a property area of 3,208 sq ft. The overview rate of $45 million translates to $3,340 psf based on the gross floor area (GFA).
The EOI activity will finish on 12 November, 3pm.
” This asset offers an opportunity to purchase a prime area where substantial shophouse assets of similar profile are extremely limited in supply,” claims Michael Tay, deputy regulating director at CBRE Singapore.
Situated inside 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 terminal on the East-West and North-South Line. Heavy tramp is expected with many amenities in the location, such as dining establishments, pubs, boutique hotels and fitness studios.
A pair of nearby 5-storey shophouses at 30 & 31 North Canal Road are up for sale by means of expression of interest (EOI) with an asking rate of $45 million, according to CBRE and Savills, the mutual exclusive marketing agents for these real estates.
Since it is zoned as a commercial property under the Urban Redevelopment Authority (URA) Master Plan 2019, immigrants and companies are qualified to purchase it with no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) appropriate on the transaction. Additionally, the possession’s land tenure was extended to 99 years, beginning from 2024.
Yap Hui Yee, executive director of investment sales & capital markets at Savills Singapore, includes that “new standalone business buildings in the CBD are extremely rare, providing an unique chance for investors and occupiers to acquire a prestigious CBD address with complete naming and signage rights.”
The properties have a mixed GFA of 13,472 sq ft and a plot ratio of 4.2 following remodellings, wherein insides were remodelled and the mezzanine was expanded to maximise the allowable plot proportion. Many other today’s upgrades consisted of lift connection to all grounds, regular and effective floor plates and a roof terrace overlooking Hong Lim Park and the city sky line. It offers high-visibility frontage along the busy North Canal Road, an opportunity for organizations to set up their company existence.
