Two adjoining commercial 5-storey shophouses at North Canal Road for sale at $45 mil
The estates have a mixed GFA of 13,472 sq ft and a plot ratio of 4.2 following improvements, where interiors were renewed and the mezzanine was stretched to increase the allowed plot proportion. Many other current update included lift connection to all floors, regular and efficient floor plates and a roof terrace overlooking Hong Lim Park and the city horizon. It presents high-visibility frontage around the busy North Canal Road, an opportunity for companies to establish their label existence.
The EOI exercise are going to end on 12 November, 3pm.
Yap Hui Yee, executive manager of financial investment sales & capital markets at Savills Singapore, includes that “brand-new standalone commercial structures in the CBD are exceedingly unusual, offering an unique possibility for capitalists and occupiers to acquire a prestigious CBD address with complete naming and signage rights.”
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 step is anticipated with lots of amenities in the location, such as restaurants, pubs, boutique accommodations and fitness studios.
Ever since it is zoned as a commercial real estate following the Urban Redevelopment Authority (URA) Master Plan 2019, foreigners and firms are qualified to buy it without having Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) suitable on the deal. In addition, the property’s land tenure was increased to 99 years, commencing from 2024.
The asset is found in top District 1, within the Upper Circular Road Conservation Area, and settles on a property area of 3,208 sq ft. The guide rate of $45 million convert to $3,340 psf based on the gross floor area (GFA).
A set of surrounding 5-storey shophouses at 30 & 31 North Canal Roadway are up for sale via expression of interest (EOI) with a seeking rate of $45 million, according to CBRE and Savills, the mutual private advertising agents for these real properties.
” This asset offers an opportunity to invest in a prime location where large shophouse assets of similar account are extremely restricted in supply,” says Michael Tay, deputy managing executive at CBRE Singapore.
