Two adjoining commercial 5-storey shophouses at North Canal Road for sale at $45 mil
The estates have a mixed 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 increase the allowable plot proportion. Other today’s improvement consisted of lift entry to all floors, regular and effective floor plates and a roof balcony overlooking Hong Lim Park and the city horizon. It offers high-visibility front view around the busy North Canal Road, an opportunity for companies to develop their company existence.
Yap Hui Yee, executive supervisor of financial investment sales & funding markets at Savills Singapore, adds that “brand-new standalone industrial buildings in the CBD are exceptionally unusual, offering an one-of-a-kind chance for capitalists and occupants to acquire a prominent CBD address with complete naming and signage rights.”
A pair of surrounding 5-storey shophouses at 30 & 31 North Canal Roadway are up for sale through expression of interest (EOI) with a seeking cost of $45 million, according to CBRE and Savills, the shared exclusive advertising and marketing agents for these real properties.
The EOI exercise will end on 12 November, 3pm.
Situated 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 station on the East-West and North-South Line. Heavy footfall is expected with several amenities in the location, such as restaurants, bars, boutique hotels and fitness studios.
Since it is zoned as a business real estate under the Urban Redevelopment Authority (URA) Master Plan 2019, foreigners and business are qualified to purchase it with no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) applicable on the transaction. Furthermore, the possession’s land tenure was increased to 99 years, starting from 2024.
The asset is found in prime District 1, inside the Upper Circular Road Sanctuary, and settles on a land area of 3,208 sq ft. The overview price of $45 million translates to $3,340 psf based upon the gross floor area (GFA).
” This property offers an opportunity to buy a prime place where substantial shophouse assets of similar profile are extremely limited in supply,” states Michael Tay, deputy coordinating executive at CBRE Singapore.
