Two adjoining commercial 5-storey shophouses at North Canal Road for sale at $45 mil
Yap Hui Yee, executive director of investment sales & capital markets at Savills Singapore, includes that “new standalone business structures in the CBD are exceptionally unusual, offering an one-of-a-kind possibility for capitalists and occupants to acquire a prominent CBD address with full naming and signage rights.”
Ever since it is zoned as a commercial property following the Urban Redevelopment Authority (URA) Master Plan 2019, foreigners and business are entitled to acquire it without having Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) suitable on the transaction. Additionally, the possession’s land tenure was increased to 99 years, beginning from 2024.
Situated 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 terminal on the East-West and North-South Line. Heavy tramp is anticipated with several amenities in the area, such as restaurants, bars, boutique hotels and fitness studios.
A set of surrounding 5-storey shophouses at 30 & 31 North Canal Roadway are up for sale through expression of interest (EOI) with a seeking price of $45 million, according to CBRE and Savills, the shared private advertising agents for these properties.
The asset is found in prime District 1, within the Upper Circular Road Conservation Area, and settles on a land area of 3,208 sq ft. The overview rate of $45 million translates to $3,340 psf based on the gross floor area (GFA).
The properties have a mixed GFA of 13,472 sq ft and a plot ratio of 4.2 following improvements, where interiors were overhauled and the mezzanine was stretched to maximise the permitted plot proportion. Many other current enhancement consisted of lift entry to all levels, regular and reliable floor plates and a roof terrace overlooking Hong Lim Park and the city horizon. It provides high-visibility front view around the busy North Canal Road, an opportunity for organizations to establish their label existence.
The EOI activity are going to end on 12 November, 3pm.
” This asset provides a chance to buy a prime place where substantial shophouse assets of similar account are extremely restricted in supply,” claims Michael Tay, sub managing director at CBRE Singapore.
