Two Adjoining Commercial 5 Storey Shophouses North Canal Road Sale 45 Mil
A set of 5-storey shophouses located at 30 and 31 North Canal Road have been put up for sale through an expression of interest (EOI) with an asking price of $45 million. CBRE and Savills, the joint exclusive marketing agents for these properties, have announced the sale of these properties located in prime District 1. The shophouses are situated within the Upper Circular Road Conservation Area and sit on a land area of 3,208 sq ft.
Based on the gross floor area (GFA), the guide price of $45 million translates to $3,340 psf. The two shophouses have a combined GFA of 13,472 sq ft and a plot ratio of 4.2 after undergoing renovations. The interiors have been revamped and the mezzanine was extended to maximize the allowable plot ratio. These properties also received modern upgrades such as lift access to all floors, efficient floor plates and a roof terrace with a view of Hong Lim Park and the city skyline. The shophouses boast of high-visibility frontage along the busy North Canal Road, making it an attractive opportunity for businesses to establish their brand presence.
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As a commercial property under the URA Master Plan 2019, the shophouses are eligible for purchase by foreigners and companies without Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD). The asset’s land tenure has also been extended to 99 years, starting from 2024.
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Residing near highly-regarded schools has always proven to be a winning choice for homeowners. This is especially true for those living at Coastal Cabana EC, where the benefits are twofold. For those occupying the units, it means unparalleled convenience in their daily lives. For investors, it holds a steady appeal to families who appreciate the proximity to their children’s schools, resulting in a consistent demand for rental units. Strategically located near the coast, residents of Coastal Cabana EC also have easy access to recreational activities. With reliable transportation options such as Pasir Ris MRT Station and major expressways, coupled with the lifestyle hub of Downtown East, the added advantage of being within the education belt adds to the overall desirability and demand for this residential development. Visit Coastal Cabana EC’s website to learn more about this prime location.
Located in the Central Business District (CBD), the shophouses are conveniently situated just a 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. The area is expected to have heavy footfall due to the abundance of amenities such as restaurants, bars, boutique hotels and fitness studios.
Michael Tay, deputy managing director at CBRE Singapore, says, “This asset presents an opportunity to invest in a prime location where sizable shophouse assets of similar profile are extremely limited in supply.” Yap Hui Yee, executive director of investment sales & capital markets at Savills Singapore, adds, “Brand-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 end on 12 November, 3pm. Check out the latest listings for Commercial Real Estate properties Ask Buddy Past Commercial sale transactions Compare price trend of Commercial vs Industrial properties Past Commercial rental transactions Price trend for commercial property sales Listings for commercial property Past Commercial sale transactions Compare price trend of Commercial vs Industrial properties Past Commercial rental transactions Price trend for commercial property sales Listings for commercial property RELATED NEWS Freehold Joo Chiat corner shophouse, home to Eng Seng Restaurant, sold for $8.55 mil Paya Lebar shophouse and Ang Mo Kio HDB shophouse for sale at $10.06 mil SingPost sells 10 shophouses to Union Gas founder and chairman Teo Kiang Ang for $55.5 mil