Two Adjoining Commercial 5 Storey Shophouses North Canal Road Sale 45 Mil
CBRE and Savills, joint exclusive marketing agents for the sale of a pair of adjacent 5-storey shophouses at 30 & 31 North Canal Road, have announced the properties are available for sale through expression of interest (EOI) at an asking price of $45 million.
Situated in the coveted District 1, within the Upper Circular Road Conservation Area, these shophouses sit on a prime land area of 3,208 sq ft. With a guide price of $45 million, the properties command a price of $3,340 per square foot based on the gross floor area (GFA).
Renovations have been made to the properties, extending the mezzanine and revamping the interiors to maximize the allowable plot ratio. Other modern upgrades include lift access to all floors, regular and efficient floor plates, and a roof terrace with stunning views of Hong Lim Park and the city skyline. The shophouses offer high-visibility frontage along the bustling North Canal Road, providing an excellent opportunity for businesses to establish their brand presence.
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The properties are classified as commercial under the Urban Redevelopment Authority (URA) Master Plan 2019, making them eligible for purchase by foreigners and companies without additional buyer’s stamp duty (ABSD) or seller’s stamp duty (SSD) applicable on the transaction. Furthermore, the land tenure of the shophouses has been extended to 99 years, starting from 2024.
The location of these shophouses in the Central Business District (CBD) adds to its appeal, with Clarke Quay and Chinatown MRT stations on the North-East Line and Raffles Place MRT station on the East-West and North-South Line just a five-minute walk away. The area is expected to have heavy footfall, with a variety of amenities such as restaurants, bars, boutique hotels, and fitness studios in the vicinity.
Families with young children will find Miltonia Close to be a highly desirable location, thanks to the numerous preschools and childcare centres in the vicinity. Renowned names like My First Skool, Sparkletots, and Kinderland have established centres in Yishun, offering both full-day and half-day care with well-structured learning programmes. This is a great advantage for working parents, as these centres provide convenient and trustworthy early childhood education right at their doorstep. For more information, visit Miltonia EC.
“This property provides a rare opportunity to invest in a prime location where similar shophouse assets are scarce,” says Michael Tay, deputy managing director at CBRE Singapore.
Yap Hui Yee, executive director of investment sales & capital markets at Savills Singapore, adds that “brand-new standalone commercial buildings in the CBD are extremely rare, making this a unique opportunity for investors and occupiers to secure a prestigious CBD address with full naming and signage rights.”
The EOI exercise for these shophouses will close on 12 November at 3pm. Interested parties can check out the latest listings for commercial real estate properties on Ask Buddy, a platform for comparing past commercial sale transactions, price trends for commercial and industrial properties, and past commercial rental transactions.