Shophouse on Upper Circular Road for sale at $24.2 mil

/ EdgeProp Singapore |
13 Upper Circular Road (third property from left) is up for sale via an expression of interest exercise (Picture: CBRE)
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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.
13 Upper Circular Road - EDGEPROP SINGAPORE
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.
sales transaction - EDGEPROP SINGAPORE
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.

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