Two adjoining commercial 5-storey shophouses at North Canal Road for sale at $45 mil
Yap Hui Yee, executive supervisor of financial investment sales & funding markets at Savills Singapore, includes that “brand-new standalone industrial structures in the CBD are extremely uncommon, providing an unique chance for clients and occupants to safeguard a respected CBD address with full naming and signage rights.”
Located inside 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 several amenities in the area, such as dining establishments, bars, boutique hotels and fitness studios.
Ever since it is zoned as a commercial property following the Urban Redevelopment Authority (URA) Master Plan 2019, foreigners and firms are qualified to acquire it without having Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) suitable on the purchase. Additionally, the possession’s land tenure was expanded to 99 years, commencing from 2024.
The properties have a mixed GFA of 13,472 sq ft and a plot ratio of 4.2 following restorations, wherein interiors were revamped and the mezzanine was expanded to increase the permitted plot proportion. Many other current upgrades featured lift access to all grounds, regular and efficient floor plates and a roof balcony overlooking Hong Lim Park and the city horizon. It gives high-visibility frontage around the busy North Canal Road, an opportunity for services to develop their brand existence.
The EOI exercise are going to finish on 12 November, 3pm.
” This asset provides a chance to invest in a prime location where substantial shophouse assets of similar profile are extremely restricted in supply,” says Michael Tay, sub coordinating executive at CBRE Singapore.
The asset is found in top District 1, within the Upper Circular Road Conservation Area, and settles on a property area of 3,208 sq ft. The overview cost of $45 million convert to $3,340 psf based on the gross floor area (GFA).
A pair of surrounding 5-storey shophouses at 30 & 31 North Canal Road are up for sale through expression of interest (EOI) with an asking cost of $45 million, according to CBRE and Savills, the mutual private advertising agents for these properties.
