Two adjoining commercial 5-storey shophouses at North Canal Road for sale at $45 mil
Ever since it is zoned as a business real estate under the Urban Redevelopment Authority (URA) Master Plan 2019, foreigners and business are entitled to buy it with no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) relevant on the deal. Additionally, the asset’s land tenure was increased to 99 years, starting from 2024.
8@BT Bukit Sembawang Estates Limited
The estates have a consolidated GFA of 13,472 sq ft and a plot ratio of 4.2 following renovations, where insides were overhauled and the mezzanine was expanded to increase the allowable plot ratio. Different today’s enhancement included lift entry to all levels, regular and effective floor plates and a roof balcony overlooking Hong Lim Park and the city skyline. It provides high-visibility front view around the busy North Canal Road, an opportunity for companies to develop their company presence.
Yap Hui Yee, executive director of investment sales & resources markets at Savills Singapore, adds that “new standalone commercial buildings in the CBD are extremely unusual, offering an one-of-a-kind opportunity for investors and occupiers to acquire a prestigious CBD address with complete naming and signage rights.”
The asset is found in top District 1, inside the Upper Circular Road Sanctuary, and settles on a property area of 3,208 sq ft. The overview cost of $45 million convert to $3,340 psf based on the gross floor area (GFA).
The EOI activity are going to end on 12 November, 3pm.
Found within 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 station on the East-West and North-South Line. Heavy step is expected with many amenities in the area, such as restaurants, clubs, boutique hotels and fitness studios.
” This asset offers a chance to purchase a prime place where large shophouse assets of comparable account are extremely restricted in supply,” claims Michael Tay, deputy coordinating director at CBRE Singapore.
A pair of adjacent 5-storey shophouses at 30 & 31 North Canal Road are up for sale through expression of interest (EOI) with a seeking price of $45 million, according to CBRE and Savills, the joint exclusive marketing agents for these real estates.
