Two Adjoining Commercial 5 Storey Shophouses North Canal Road Sale 45 Mil
There is an opportunity to purchase a pair of adjacent 5-storey shophouses located at 30 & 31 North Canal Road through an expression of interest (EOI) with an asking price of $45 million. The joint exclusive marketing agents for these properties, CBRE and Savills, have announced this sale.
The asset is located in the highly sought-after District 1, within the Upper Circular Road Conservation Area, and occupies a land area of 3,208 sq ft. With a guide price of $45 million, the property is valued at $3,340 psf based on the gross floor area (GFA). After renovations, the properties have a combined GFA of 13,472 sq ft and a plot ratio of 4.2. The interiors have been revamped, and the mezzanine has been extended to fully utilize the allowable plot ratio. Modern upgrades include lift access to all floors, regular and efficient floor plates, and a roof terrace with a view of Hong Lim Park and the city skyline. The properties also boast a high-visibility frontage along the bustling North Canal Road, which presents an excellent opportunity for businesses to establish a strong brand presence.
Moreover, the property falls under the commercial zoning under the Urban Redevelopment Authority (URA) Master Plan 2019, making it eligible for purchase by foreigners and companies without incurring Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD). The land tenure has also been extended to 99 years, starting from 2024.
The Master Plan places great importance on the development and improvement of the MRT network. In fact, the recent addition of the Canberra MRT station, situated between Sembawang and Yishun, has already had a positive impact on the accessibility for residents in the area. Moving forward, there are plans for further enhancements to the transportation system, including increased bus services and the implementation of more pedestrian-friendly infrastructure. These upgrades are set to make navigating the neighborhood and beyond much more convenient and flexible for residents of Sembawang Road EC, located near the Canberra MRT station. It will undoubtedly add greater convenience and ease to their daily lives.
Located in the heart of the Central Business District (CBD), the property is just a short five-minute walk from Clarke Quay and Chinatown MRT stations on the North-East Line, as well as Raffles Place MRT station on the East-West and North-South Line. The area is bustling with amenities such as restaurants, bars, boutique hotels, and fitness studios, creating high footfall traffic.
“This asset presents a rare opportunity to invest in a prime location where shophouse assets of this size and profile are extremely limited,” says Michael Tay, deputy managing director at CBRE Singapore. Savills Singapore’s executive director of investment sales & capital markets, Yap Hui Yee, adds that “brand-new standalone commercial buildings in the CBD are exceedingly rare, offering a one-of-a-kind opportunity for investors and occupiers to secure a prestigious CBD address with full naming and signage rights.”
The EOI exercise is set to end on November 12, 3pm. For more information, interested parties can check out the latest listings for Commercial Real Estate properties on Ask Buddy.