A pair of adjacent 5-storey shophouses at 30 & 31 North Canal Road are up for sale via expression of interest (EOI) with an asking price of $45 million, according to CBRE and Savills, the joint exclusive marketing agents for these properties.

The asset is situated in prime District 1, within the Upper Circular Road Conservation Area, and sits on a land area of 3,208 sq ft. The guide price of $45 million translates to $3,340 psf based on the gross floor area (GFA).

The properties have a combined GFA of 13,472 sq ft and a plot ratio of 4.2 following renovations, where interiors were revamped and the mezzanine was extended to maximise the allowable plot ratio. Other modern upgrades included lift access to all floors, regular and efficient floor plates and a roof terrace overlooking Hong Lim Park and the city skyline. It offers high-visibility frontage along the busy North Canal Road, an opportunity for businesses to establish their brand presence.

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Since it is zoned as a commercial property under the Urban Redevelopment Authority (URA) Master Plan 2019, foreigners and companies are eligible to purchase it without Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) applicable on the transaction. Additionally, the asset's land tenure was extended to 99 years, commencing from 2024.

Located within the Central Business District (CBD), it is a short 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 footfall is expected with many amenities in the area, such as restaurants, bars, boutique hotels and fitness studios.

“This asset presents an opportunity to invest in a prime location where sizable shophouse assets of similar profile 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 “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.

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