Two adjoining commercial 5-storey shophouses at North Canal Road for sale at $45 mil
A set of adjacent 5-storey shophouses at 30 & 31 North Canal Roadway are up for sale via expression of interest (EOI) with an asking rate of $45 million, according to CBRE and Savills, the mutual outstanding marketing agents for these real estates.
Since it is zoned as a commercial real estate under the Urban Redevelopment Authority (URA) Master Plan 2019, foreigners and companies are eligible to buy it with no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) applicable on the purchase. Additionally, the asset’s land tenure was extended to 99 years, beginning from 2024.
The EOI exercise are going to finish on 12 November, 3pm.
Yap Hui Yee, executive director of financial investment sales & funding markets at Savills Singapore, includes that “new standalone commercial structures in the CBD are exceedingly rare, offering an unique possibility for clients and occupants to secure a respected CBD address with full naming and signage rights.”
” This property offers an opportunity to purchase a prime place where substantial shophouse assets of comparable account are extremely restricted in supply,” says Michael Tay, deputy managing executive at CBRE Singapore.
Canberra Crescent Residences Singapore
The real estates have a mixed GFA of 13,472 sq ft and a plot ratio of 4.2 following improvements, wherein insides were renewed and the mezzanine was stretched to maximise the permitted plot proportion. Other today’s update included lift access to all floors, regular and effective floor plates and a roof terrace overlooking Hong Lim Park and the city skyline. It gives high-visibility frontage throughout the busy North Canal Road, an opportunity for companies to develop their brand existence.
The asset is found in top District 1, inside the Upper Circular Road Sanctuary, and remains on a property area of 3,208 sq ft. The guide rate of $45 million translates to $3,340 psf based upon the gross floor area (GFA).
Located 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 anticipated with lots of amenities in the area, such as dining establishments, clubs, boutique accommodations and fitness studios.
