Two adjoining commercial 5-storey shophouses at North Canal Road for sale at $45 mil
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 station on the East-West and North-South Line. Heavy footfall is anticipated with many amenities in the area, such as dining establishments, pubs, boutique hotels and fitness studios.
Yap Hui Yee, executive manager of investment sales & funding markets at Savills Singapore, includes that “new standalone commercial structures in the CBD are exceedingly unusual, offering an unique opportunity for capitalists and occupants to obtain a prominent CBD address with complete naming and signage rights.”
The properties have a mixed GFA of 13,472 sq ft and a plot ratio of 4.2 following restorations, wherein insides were revamped and the mezzanine was extended to maximise the allowable plot proportion. Other current enhancement included lift entry to all grounds, regular and effective floor plates and a roof balcony overlooking Hong Lim Park and the city sky line. It provides high-visibility frontage around the busy North Canal Road, an opportunity for services to develop their brand visibility.
Hillock Green showflat location
The EOI exercise will finish on 12 November, 3pm.
The property is located in top District 1, inside the Upper Circular Road Conservation Area, and positions on a land area of 3,208 sq ft. The guide cost of $45 million equate to $3,340 psf based on the gross floor area (GFA).
Since it is zoned as a commercial building following the Urban Redevelopment Authority (URA) Master Plan 2019, immigrants and companies are entitled to acquire it without Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) relevant on the deal. Additionally, the possession’s land tenure was expanded to 99 years, starting from 2024.
” This asset offers an opportunity to purchase a prime area where sizable shophouse assets of comparable account are extremely restricted in supply,” says Michael Tay, sub regulating executive at CBRE Singapore.
A pair of nearby 5-storey shophouses at 30 & 31 North Canal Road are up for sale through expression of interest (EOI) with an asking price of $45 million, according to CBRE and Savills, the joint outstanding advertising and marketing agents for these real properties.
