Two adjoining commercial 5-storey shophouses at North Canal Road for sale at $45 mil

Ever since it is zoned as a commercial real estate following the Urban Redevelopment Authority (URA) Master Plan 2019, foreigners and companies are entitled to purchase it with no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) relevant on the transaction. Furthermore, the asset’s land tenure was extended to 99 years, commencing from 2024.

Yap Hui Yee, executive supervisor of financial investment sales & resources markets at Savills Singapore, includes that “new standalone industrial structures in the CBD are exceedingly uncommon, providing an unique opportunity for investors and occupants to secure a prominent CBD address with complete naming and signage rights.”

The property is found in prime District 1, within the Upper Circular Road Sanctuary, and settles on a property area of 3,208 sq ft. The guide rate of $45 million equate to $3,340 psf based on the gross floor area (GFA).

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” This asset offers an opportunity to purchase a prime location where substantial shophouse assets of similar account are extremely restricted in supply,” says Michael Tay, sub regulating director at CBRE Singapore.

Located within the Central Business District (CBD), it is a brief 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 several amenities in the area, such as dining establishments, pubs, boutique hotels and fitness studios.

The EOI exercise will conclude on 12 November, 3pm.

A pair of nearby 5-storey shophouses at 30 & 31 North Canal Roadway are up for sale via expression of interest (EOI) with an asking cost of $45 million, according to CBRE and Savills, the joint outstanding marketing agents for these properties.

The real estates have a consolidated GFA of 13,472 sq ft and a plot ratio of 4.2 following renovations, where interiors were remodelled and the mezzanine was stretched to maximise the allowable plot proportion. Many other current improvement featured lift entry to all levels, regular and reliable floor plates and a roof balcony overlooking Hong Lim Park and the city skyline. It presents high-visibility frontage around the busy North Canal Road, an opportunity for services to establish their brand existence.