Two adjoining commercial 5-storey shophouses at North Canal Road for sale at $45 mil
The estates have a consolidated GFA of 13,472 sq ft and a plot ratio of 4.2 following renovations, where interiors were revamped and the mezzanine was extended to increase the permitted plot proportion. Different today’s enhancement included lift access to all grounds, regular and reliable floor plates and a roof balcony overlooking Hong Lim Park and the city skyline. It gives high-visibility front view throughout the busy North Canal Road, an opportunity for companies to develop their company presence.
A pair of nearby 5-storey shophouses at 30 & 31 North Canal Road are up for sale via expression of interest (EOI) with a seeking price of $45 million, according to CBRE and Savills, the mutual exclusive marketing agents for these real estates.
Located 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 step is expected with lots of amenities in the location, such as dining establishments, clubs, boutique hotels and fitness studios.
Ever since it is zoned as a commercial real estate following the Urban Redevelopment Authority (URA) Master Plan 2019, foreigners and business are entitled to buy it without having Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) suitable on the transaction. Furthermore, the property’s land tenure was increased to 99 years, commencing from 2024.
The property is found in top District 1, inside the Upper Circular Road Conservation Area, 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).
” This property presents an opportunity to buy a prime area where substantial shophouse assets of similar profile are extremely restricted in supply,” states Michael Tay, deputy regulating executive at CBRE Singapore.
The EOI activity are going to finish on 12 November, 3pm.
Yap Hui Yee, executive director of investment sales & resources markets at Savills Singapore, includes that “new standalone commercial structures in the CBD are extremely unusual, providing an one-of-a-kind opportunity for capitalists and tenants to obtain a respected CBD address with full naming and signage rights.”
