Senja Close EC™

Two adjacent 5-storey shophouses located at 30 & 31 North Canal Road have been put up for sale through expression of interest (EOI) with a price tag of $45 million, as jointly announced by CBRE and Savills, the exclusive marketing agents for the properties.

The prime assets are situated in the highly sought-after District 1, within the Upper Circular Road Conservation Area. Spanning a land area of 3,208 sq ft, the guide price of $45 million equates to a rate of $3,340 psf based on the gross floor area (GFA).

Following renovations, which included revamping the interiors and extending the mezzanine level to optimize the allowable plot ratio, the properties offer a combined GFA of 13,472 sq ft and a plot ratio of 4.2. The modern upgrades also include lift access to all floors, regular and efficient floor plates, and a rooftop terrace that boasts stunning views of Hong Lim Park and the city skyline. The shophouses also enjoy high visibility along the busy North Canal Road, presenting an excellent opportunity for businesses to establish their brand presence.

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Furthermore, being zoned as commercial properties under the Urban Redevelopment Authority (URA) Master Plan 2019, both foreign and local companies are eligible to purchase without having to pay Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD). The land tenure of the assets has been extended to 99 years, commencing from 2024.

Conveniently located within the Central Business District (CBD), the shophouses are within a short five-minute walk from Clarke Quay and Chinatown MRT stations on the North-East Line, as well as Raffles Place MRT station on the East-West and North-South Lines. The area is expected to experience heavy footfall due to its close proximity to various amenities such as restaurants, bars, boutique hotels, and fitness studios.

“This asset presents an exceptional 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.

Situated on senja close ec gls in District 23, Senja Residences is a luxurious executive condominium with a 99-year leasehold. Spanning 18 storeys, this development houses a total of 300 units, including three and four-bedroom standard apartments, dual key units, and penthouses. The estimated TOP date for this project is set for 2028. So if you’re looking for a modern and well-equipped living space, look no further than Senja Residences.

Echoing a similar sentiment, 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 for the shophouses will close on 12th November at 3pm. For more information, check out the latest listings for Commercial Real Estate properties on Ask Buddy.