Two adjoining commercial 5-storey shophouses at North Canal Road for sale at $45 mil
Ever since it is zoned as a commercial building under the Urban Redevelopment Authority (URA) Master Plan 2019, immigrants and firms are entitled to buy it without Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) applicable on the deal. In addition, the property’s land tenure was expanded to 99 years, beginning from 2024.
The EOI exercise are going to end on 12 November, 3pm.
A pair of surrounding 5-storey shophouses at 30 & 31 North Canal Road are up for sale by means of expression of interest (EOI) with an asking cost of $45 million, according to CBRE and Savills, the joint outstanding marketing agents for these properties.
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 station on the East-West and North-South Line. Heavy tramp is expected with lots of amenities in the area, such as restaurants, clubs, boutique accommodations and fitness studios.
Yap Hui Yee, executive director of financial investment sales & capital markets at Savills Singapore, adds that “new standalone commercial buildings in the CBD are exceptionally uncommon, offering an unique possibility for investors and occupants to safeguard a prestigious CBD address with full naming and signage rights.”
The asset is located in prime District 1, inside the Upper Circular Road Conservation Area, and sits on a land area of 3,208 sq ft. The guide price of $45 million equate 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 renovations, where interiors were renewed and the mezzanine was expanded to maximise the permitted plot ratio. Other current enhancement consisted of lift entry to all levels, regular and effective floor plates and a roof balcony overlooking Hong Lim Park and the city sky line. It gives high-visibility front view throughout the busy North Canal Road, an opportunity for organizations to establish their company presence.
” This asset presents a chance to buy a prime location where large shophouse assets of similar account are extremely restricted in supply,” claims Michael Tay, deputy coordinating director at CBRE Singapore.
