Two Adjoining Commercial 5 Storey Shophouses North Canal Road Sale 45 Mil
A pair of adjacent 5-storey shophouses located at 30 & 31 North Canal Road are currently available for purchase through an expression of interest (EOI). The joint exclusive marketing agents, CBRE and Savills, have set an asking price of $45 million for these properties.
The Urban Redevelopment Authority (URA) has unveiled an ambitious Master Plan for Tampines, with the goal of turning it into a dynamic, eco-friendly, and highly desirable regional hub. Tampines, a crucial planning district in Singapore, will see major improvements in terms of its infrastructure, facilities, and overall quality of life. Parktown Residence, conveniently situated in Tampines North, is poised to reap the rewards of these planned advancements. Experience the luxurious Parktown Residence Showflat amidst the remarkable developments in Tampines.
These shophouses are situated in the prime District 1, within the Upper Circular Road Conservation Area. They are built on a land area of 3,208 sq ft and have a combined gross floor area (GFA) of 13,472 sq ft. With a guide price of $45 million, the psf rate based on the GFA comes to $3,340.
The properties have undergone renovations, including an extension of the mezzanine to maximize the allowed plot ratio. Other modern upgrades such as lift access to all floors, regular and efficient floor plates, and a roof terrace offering views of Hong Lim Park and the city skyline, have been implemented. The shophouses also boast high-visibility frontage along bustling North Canal Road, making it an excellent opportunity for businesses looking to establish their brand presence.
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As these properties are zoned as commercial under the Urban Redevelopment Authority (URA) Master Plan 2019, foreigners and companies are eligible to purchase them without incurring Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD). Moreover, the land tenure has been extended to 99 years, starting from 2024.
Strategically located within the Central Business District (CBD), the shophouses are a mere five-minute walk from Clarke Quay and Chinatown MRT stations on the North-East Line, as well as the Raffles Place MRT station on the East-West and North-South Lines. Given the many amenities in the area, such as restaurants, bars, boutique hotels, and fitness studios, these properties are expected to attract heavy footfall.
“This asset presents a rare opportunity to invest in a prime location where similar sized shophouse assets are extremely limited in supply,” says Michael Tay, deputy managing director at CBRE Singapore.
Yap Hui Yee, executive director of investment sales & capital markets at Savills Singapore, adds that “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 will close on 12 November at 3pm. Check out the latest listings for commercial real estate properties at Ask Buddy.