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

The property is located in prime District 1, inside the Upper Circular Road Sanctuary, and sits on a land area of 3,208 sq ft. The overview rate of $45 million equate to $3,340 psf based upon the gross floor area (GFA).

The estates have a consolidated GFA of 13,472 sq ft and a plot ratio of 4.2 following renovations, where insides were revamped and the mezzanine was extended to increase the permitted plot ratio. Different current upgrades featured lift access to all floors, regular and efficient floor plates and a roof terrace overlooking Hong Lim Park and the city skyline. It offers high-visibility front view along the busy North Canal Road, an opportunity for businesses to establish their company existence.

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

” This property provides an opportunity to purchase a prime location where sizable shophouse assets of comparable account are extremely limited in supply,” states Michael Tay, deputy coordinating executive at CBRE Singapore.

Found inside the Central Business District (CBD), it is a quick five-minute stroll 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 footfall is expected with several amenities in the location, such as restaurants, clubs, boutique hotels and fitness studios.

Cape Royale Ho Bee Land and IOI Properties

A set of surrounding 5-storey shophouses at 30 & 31 North Canal Road are up for sale through expression of interest (EOI) with a seeking cost of $45 million, according to CBRE and Savills, the mutual private advertising and marketing agents for these real estates.

Yap Hui Yee, executive director of investment sales & funding markets at Savills Singapore, adds in that “new standalone business structures in the CBD are exceptionally unusual, offering an one-of-a-kind opportunity for capitalists and occupiers to secure a respected CBD address with full naming and signage rights.”

Ever since it is zoned as a commercial building following the Urban Redevelopment Authority (URA) Master Plan 2019, immigrants and firms are qualified to buy it without having Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) applicable on the purchase. Additionally, the property’s land tenure was increased to 99 years, commencing from 2024.