Shophouse on Upper Circular Road for sale at $24.2 mil
13 Upper Circular Road (third property from left) is up for sale via an expression of interest exercise (Picture: CBRE)
SINGAPORE (EDGEPROP) - A shophouse at 13 Upper Circular Road is on the market via an expression of interest exercise with a guide price of $24.2 million.
The property has undergone extensive asset enhancement works, according to marketing agent CBRE. Originally a three-storey property, it has been redeveloped and expanded to include a six-storey rear extension. The property also comes with a fresh 99-year lease from September 2022.
Location and overview of 13 Upper Circular Road (Source: EdgeProp LandLens)
The shophouse is located within the Upper Circular Conservation Area, on a site measuring 1,752 sq ft zoned for commercial use with a 4.2 gross plot ratio. It has a total floor area of 7,333 sq ft. Based on this, the guide price works out to about $3,300 psf. (Find Singapore commercial properties with our commercial directory)
The property is located across the road from mixed-use development The Riverwalk. It is also a five-minute walk to Clark Quay Central, an integrated development connected to Clarke Quay MRT Station. Raffles Place MRT Interchange Station (East-West and North-South Lines) is a 10-minute walk away.
“Given the extensive asset enhancement initiative and refurbishment works done to improve the property, as well as the renewal of the lease to a fresh 99-year tenure, we believe that the asset will garner strong interest from astute investors and owner-occupiers who are looking to own a timeless heritage asset within one of Singapore’s most coveted districts,” comments Clemence Lee, executive director, capital markets, Singapore at CBRE.
List of commercial property transactions on Upper Circular Road shows that the property changed hands for $6 million in February 2019 (Source: EdgeProp Research tool)
Lee anticipates the property will also benefit from rejuvenation activities and new developments in the neighbourhood. This includes CQ @ Clarke Quay, which is set to undergo a $62 million asset enhance initiative slated to complete in 3Q2023; the redevelopment of Central Square and Central Mall into a large-scale mixed-use development; and the upcoming Canninghill Piers — an integrated development with residences, a hotel, serviced residences, and a two-storey commercial podium.
The exercise of interest exercise for 13 Upper Circular Road closes on April 11 at 3pm.
Check out the latest listings near Upper Circular Road, Canninghill Piers, Clarke Quay MRT Station, Raffles Place MRT Interchange Station
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