Two adjoining commercial 5-storey shophouses at North Canal Road for sale at $45 mil
The properties have a mixed GFA of 13,472 sq ft and a plot ratio of 4.2 following remodellings, where insides were revamped and the mezzanine was expanded to maximise the permitted plot proportion. Other modern update included lift access to all floors, regular and effective floor plates and a roof balcony overlooking Hong Lim Park and the city sky line. It offers high-visibility front view around the busy North Canal Road, an opportunity for companies to develop their company presence.
The EOI activity will finish on 12 November, 3pm.
” This asset offers an opportunity to invest in a prime location where large shophouse assets of comparable profile are extremely restricted in supply,” states Michael Tay, sub coordinating director at CBRE Singapore.
Yap Hui Yee, executive manager of investment sales & resources markets at Savills Singapore, includes that “new standalone commercial structures in the CBD are exceedingly unusual, offering an one-of-a-kind possibility for clients and tenants to safeguard a respected CBD address with full naming and signage rights.”
Ever since it is zoned as a business property under the Urban Redevelopment Authority (URA) Master Plan 2019, foreigners and business are entitled to acquire it without Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) suitable on the purchase. In addition, the property’s land tenure was expanded to 99 years, beginning from 2024.
The property is found in prime District 1, within the Upper Circular Road Sanctuary, and positions on a land area of 3,208 sq ft. The overview rate of $45 million equate to $3,340 psf based on the gross floor area (GFA).
A pair of adjacent 5-storey shophouses at 30 & 31 North Canal Roadway are up for sale through expression of interest (EOI) with a seeking rate of $45 million, according to CBRE and Savills, the shared outstanding advertising and marketing agents for these properties.
Situated within 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 anticipated with several amenities in the area, such as dining establishments, bars, boutique accommodations and fitness studios.
