Two adjoining commercial 5-storey shophouses at North Canal Road for sale at $45 mil
The real estates have a combined GFA of 13,472 sq ft and a plot ratio of 4.2 following restorations, where interiors were renewed and the mezzanine was expanded to maximise the allowable plot ratio. Different today’s enhancement included lift connection to all grounds, regular and reliable floor plates and a roof balcony overlooking Hong Lim Park and the city horizon. It presents high-visibility front view along the busy North Canal Road, an opportunity for businesses to develop their company existence.
Situated within the Central Business District (CBD), it is a short 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 tramp is expected with several amenities in the area, such as dining establishments, clubs, boutique accommodations and fitness studios.
The property is situated 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).
Union Square Residences condominium
A pair of surrounding 5-storey shophouses at 30 & 31 North Canal Roadway are up for sale by means of expression of interest (EOI) with an asking price of $45 million, according to CBRE and Savills, the mutual outstanding advertising agents for these real estates.
Ever since it is zoned as a business real estate following the Urban Redevelopment Authority (URA) Master Plan 2019, foreigners and business 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 expanded to 99 years, commencing from 2024.
The EOI exercise will conclude on 12 November, 3pm.
Yap Hui Yee, executive manager of financial investment sales & resources markets at Savills Singapore, adds in that “brand-new standalone commercial structures in the CBD are exceedingly rare, providing an one-of-a-kind possibility for capitalists and occupiers to acquire a prestigious CBD address with complete naming and signage rights.”
” This property offers an opportunity to purchase a prime area where large shophouse assets of similar account are extremely restricted in supply,” states Michael Tay, sub coordinating director at CBRE Singapore.
