Two adjoining commercial 5-storey shophouses at North Canal Road for sale at $45 mil
The real estates have a consolidated GFA of 13,472 sq ft and a plot ratio of 4.2 following remodellings, where interiors were revamped and the mezzanine was stretched to maximise the allowable plot proportion. Different current enhancement featured lift entry to all floors, regular and effective floor plates and a roof terrace overlooking Hong Lim Park and the city skyline. It presents high-visibility frontage along the busy North Canal Road, an opportunity for companies to develop their brand existence.
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 price of $45 million, according to CBRE and Savills, the mutual exclusive advertising and marketing agents for these real properties.
Located within the Central Business District (CBD), it is a brief five-minute stroll 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 tramp is anticipated with many amenities in the location, such as dining establishments, pubs, boutique accommodations and fitness studios.
The asset is found in top District 1, within the Upper Circular Road Sanctuary, and positions on a property area of 3,208 sq ft. The guide cost of $45 million equate to $3,340 psf based on the gross floor area (GFA).
” This asset offers a chance to purchase a prime area where substantial shophouse assets of similar account are extremely limited in supply,” claims Michael Tay, sub coordinating director at CBRE Singapore.
The EOI exercise are going to end on 12 November, 3pm.
Yap Hui Yee, executive manager of investment sales & funding markets at Savills Singapore, includes that “brand-new standalone commercial structures in the CBD are extremely unusual, offering an one-of-a-kind possibility for clients and tenants to obtain a respected CBD address with complete naming and signage rights.”
Ever since it is zoned as a business real estate following the Urban Redevelopment Authority (URA) Master Plan 2019, foreigners and firms are entitled to purchase it without having Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) applicable on the transaction. In addition, the asset’s land tenure was increased to 99 years, starting from 2024.
