A pair of prime CBD shophouse for sale by Expressions of Interests
Savills is pleased to announce the launch of No.35 & 36 North Canal Road, Singapore for sale by expression of interest.
The subject property comprises an adjoining pair of 4-storey conservation shophouses along North Canal Road. Save for a ground floor and second floor unit in No. 36 North Canal Road that has been leased, the rest of the property is vacant. The properties are located diagonally across from One George Street and has unobstructed views of Hong Lim Park. Raffles Place, Boat Quay, Clarke Quay and Chinatown are all within minutes walk away. The properties are also centrally located to Clarke Quay, Chinatown and Raffles Place MRT stations. The location of the subject properties are rich with historical significance and complemented by a wide range of modern amenities such as restaurants, bars, speciality stores and boutique hotels. On the opposite side of Hong Lim Park is the newly opened Parkroyal on Pickering Hotel. The land is zoned “Commercial” under Master Plan 2008, with a permissible gross plot ratio of 4.2. The properties are required to be conserved.
The property has a frontage along North Canal Road measuring approximately 12m, and a depth of about 28m. The rear of the property is also served by a service road that is accessible via Hong Kong Street. The property can be redeveloped into a new retail and/or office scheme. Being zoned “Commercial”, a Hotel use may be considered subject to evaluation by the relevant authorities.
The property has a 99-year lease tenure with about 34 years remaining. Any top-up to the existing tenure is subject to the approval of the relevant authority.
Being a commercial property, neither Additional Buyer Stamp Duties nor Seller Stamp Duties apply on its transaction.
“The shophouse market has seen heightened investment interest and flurry of transactions in recent months. Most notably Berjaya Hotel and Hotel 1929 that was transacted for about S$1m per key and even existing commercial shophouses such as 81 South Bridge Road is understood to have changed hands for about S$2,300psf.” says Steven Ming, deputy managing director and head of investments at Savills Singapore.
“This is a very rare offering of not one but 2 adjoining shophouses in the CBD that offers an unobstructed view of one of the larger green lungs within the core CBD area. This would be ideal as a commercial scheme or if approval can be granted, even a boutique hotel especially given its central location to both commercial and tourist destinations.” says Steven Ming.
Savills expects the subject property to fetch in excess of S$20 million
PROPERTY DETAILS
Address
35 North Canal Road, S(059291) 36 North Canal Road, S(059292)
Legal Description TS7-99339T TS7-99338P
Tenure 99 years wef. 1st January 1948 99 years wef. 1st February 1948
MP2008 Zoning / Gross Plot Ratio - Upper Circular Road (Conservation Area)
- Commercial
- GPR 4.2
Site Area 156.2 sqm (1,681 sqft) 155 sqm (1,668 sqft)
Savills Singapore, the appointed sole marketing agent, will be conducting the sale by tender which will close on 10th October 2013 (Thursday) at 4pm.
- Ends -