Two adjoining commercial 5-storey shophouses at North Canal Road for sale at $45 mil
Situated inside the Central Business District (CBD), it is a brief 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 many amenities in the area, such as restaurants, pubs, boutique hotels and fitness studios.
The EOI exercise are going to finish on 12 November, 3pm.
Since it is zoned as a commercial building following the Urban Redevelopment Authority (URA) Master Plan 2019, immigrants and firms are eligible to buy it without having Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) appropriate on the transaction. In addition, the asset’s land tenure was expanded to 99 years, commencing from 2024.
” This asset presents a chance to buy a prime place where large shophouse assets of similar profile are extremely restricted in supply,” states Michael Tay, sub managing executive at CBRE Singapore.
A set of nearby 5-storey shophouses at 30 & 31 North Canal Road are up for sale by means of expression of interest (EOI) with a seeking cost of $45 million, according to CBRE and Savills, the shared private marketing agents for these real estates.
Yap Hui Yee, executive director of investment sales & capital markets at Savills Singapore, adds that “brand-new standalone commercial structures in the CBD are exceptionally uncommon, providing an unique opportunity for clients and occupiers to secure a prestigious CBD address with complete naming and signage rights.”
The real estates have a combined GFA of 13,472 sq ft and a plot ratio of 4.2 following improvements, wherein insides were remodelled and the mezzanine was extended to maximise the allowable plot proportion. Different today’s improvement included lift connection to all levels, regular and efficient floor plates and a roof balcony overlooking Hong Lim Park and the city horizon. It presents high-visibility front view along the busy North Canal Road, an opportunity for companies to establish their company existence.
The property is located in top 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).
