Shophouse on Upper Circular Road for sale at $24.2 mil

The shophouse at 13 Upper Circular Road is now up for grabs via an expression of interest exercise, with a guide price of $24.2 million. It has undergone significant asset enhancements and redevelopment – originally a three-storey building, it has been expanded and stands now as a six-storey property. Additionally, it comes with a 99-year lease from September 2022.

Situated within the Upper Circular Conservation Area, the shophouse has a 1,752 sq ft site, with a total floor area of 7,333 sq ft, making the guide price approximately $3,300 psf. It is zoned for commercial use with a 4.2 gross plot ratio.

CBRE’s Clemence Lee commented on the property, saying “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.”

The property enjoys great accessibility and proximity to amenities – it is conveniently located across the road from mixed-use development The Riverwalk and a five-minute walk to Clark Quay Central. It is also a 10-minute walk away from the bustling Raffles Place MRT Interchange Station.

Its location is also set to reap the benefits of the rejuvenation activities and new developments in the neighbourhood. CQ @ Clarke Quay, Central Square and Central Mall are all due for significant redevelopment, while Canninghill Piers – an integrated development with residences, a hotel, serviced residences and a two-storey commercial podium – is set to open soon.

The exercise of interest for 13 Upper Circular Road ends on April 11 at 3pm. With its asset enhancement works and its great location, plus the fact that it has a fresh 99-year lease, the property is likely to attract a wide range of potential buyers.

The shophouse at 13 Upper Circular Road, located within the Upper Circular Conservation Area, is now on the market. It is zoned for commercial use, with a Senja Close EC 4.2 gross plot ratio, and has a total floor area of 7,333 sq ft. Its guide price of $24.2 million works out to $3,300 psf.

CBRE’s Clemence Lee commented, expressing confidence over the property’s ability to draw in astute investors and owner-occupiers, given the asset enhancement works and the renewal of the lease to a 99-year tenure. In addition, the property is close to numerous amenities, including a five-minute walk to Clark Quay Central, and a 10-minute walk to Raffles Place MRT Interchange Station.

The neighbourhood is set to undergo numerous developments, such as CQ @ Clarke Quay’s $62 million asset enhance initiative, the redevelopment of Central Square and Central Mall into a large-scale mixed-use development, and the upcoming Canninghill Piers, with residences, a hotel, serviced residences, and a two-storey commercial podium.

The expression of interest exercise for 13 Upper Circular Road closes on April 11 at 3pm. With its asset enhancement works, location, and fresh 99-year lease, the property is likely to attract a wide range of potential buyers.