Two Adjoining Commercial 5 Storey Shophouses North Canal Road Sale 45 Mil
:
The development plans set forth by the Urban Redevelopment Authority (URA) for Tampines will not only bring positive changes to the residential landscape, but also greatly benefit the educational and healthcare sectors. From primary schools to tertiary institutions, educational facilities in Tampines will see improvements and the addition of new amenities to cater to the growing population and maintain high educational standards. For families looking for a place to call home, this will be a crucial factor to consider. Moreover, healthcare facilities will also receive enhancements, with upgrades planned for existing hospitals and clinics, ensuring that residents have access to top-notch medical care. As such, the upcoming Aurelle of Tampines EC will not only offer a promising living space, but also be surrounded by a well-developed and comprehensive infrastructure for education and healthcare.
CBRE and Savills, the joint exclusive marketing agents for a pair of adjacent 5-storey shophouses at 30 & 31 North Canal Road, have announced that they are up for sale through an expression of interest (EOI). The asking price for these properties is $45 million.
These shophouses are located in prime District 1 within the Upper Circular Road Conservation Area, and have a land area of 3,208 sq ft. The guide price of $45 million equates to $3,340 psf based on the gross floor area (GFA). The combined GFA of these properties is 13,472 sq ft and the plot ratio is 4.2, following recent renovations. These renovations included revamping the interiors, extending the mezzanine to maximise the plot ratio, and adding lift access to all floors. Other modern upgrades such as regular and efficient floor plates and a roof terrace with views of Hong Lim Park and the city skyline are also included. The shophouses also have high visibility frontage along the bustling North Canal Road, providing a great opportunity for businesses to establish their brand presence.
Foreigners and companies are eligible to purchase the property without the additional buyer’s stamp duty (ABSD) or seller’s stamp duty (SSD), as it is zoned as a commercial property under the Urban Redevelopment Authority (URA) Master Plan 2019. The property’s land tenure has also been extended to 99 years, starting from 2024.
Conveniently located within the Central Business District (CBD), the shophouses are a short five-minute walk from Clarke Quay and Chinatown MRT stations 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, with numerous amenities such as restaurants, bars, boutique hotels, and fitness studios nearby.
According to Michael Tay, deputy managing director at CBRE Singapore, “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 that “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 at 3pm. Interested parties can check out the latest listings for Commercial Real Estate properties and compare price trends for commercial and industrial properties, as well as past commercial sale and rental transactions.
