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 Roadway are up for sale via expression of interest (EOI) with a seeking price of $45 million, according to CBRE and Savills, the joint private advertising and marketing agents for these real estates.
The properties have a consolidated GFA of 13,472 sq ft and a plot ratio of 4.2 following remodellings, where insides were renewed and the mezzanine was extended to maximise the allowable plot proportion. Many other current upgrades included lift connection to all grounds, regular and effective floor plates and a roof balcony overlooking Hong Lim Park and the city skyline. It presents high-visibility front view throughout the busy North Canal Road, an opportunity for businesses to develop their brand visibility.
The asset is located in top District 1, within the Upper Circular Road Sanctuary, and positions on a land area of 3,208 sq ft. The guide rate of $45 million equate to $3,340 psf based on the gross floor area (GFA).
Since it is zoned as a commercial real estate under the Urban Redevelopment Authority (URA) Master Plan 2019, immigrants and business are qualified to buy it with no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) appropriate on the deal. Furthermore, the possession’s land tenure was expanded to 99 years, starting from 2024.
Yap Hui Yee, executive supervisor of financial investment sales & resources markets at Savills Singapore, includes that “brand-new standalone business structures in the CBD are exceptionally unusual, offering an unique opportunity for clients and occupants to secure a prestigious CBD address with complete naming and signage rights.”
Found inside the Central Business District (CBD), it is a short five-minute walk 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 footfall is expected with several amenities in the location, such as restaurants, pubs, boutique hotels and fitness studios.
The EOI activity will finish on 12 November, 3pm.
” This asset presents a chance to invest in a prime area where large shophouse assets of comparable profile are extremely limited in supply,” states Michael Tay, deputy coordinating director at CBRE Singapore.
