Shophouse on Upper Circular Road for sale at $24.2 mil

13 Upper Circular Road, a shophouse located in Singapore’s Upper Circular Conservation Area, is up for sale via an expression of interest exercise with a guide price of $24.2 million. The property offers a fresh 99-year lease from September 2022 and has been completely redeveloped and expanded to include a six-storey rear extension following extensive asset enhancement works.

Measuring 1,752 sq ft, the land is zoned for commercial use with a 4.2 gross plot ratio and has a total floor area of 7,333 sq ft. The guide price for the property works out to about $3,300 psf.

The shophouse is situated across the road from The Riverwalk, a mixed-use development. It is also located a five-minute walk away from Clark Quay Central, an integrated development connected to Clarke Quay MRT Station, and a 10-minute walk away from the Raffles Place MRT Interchange Station (East-West and North-South Lines).

According to Clemence Lee, executive director, capital markets, Singapore at CBRE, the asset enhancement works and the renewal of the lease to a new 99-year tenure should garner strong interest from investors and owner-occupiers alike.

The property also stands to benefit from rejuvenation activities and new developments in the neighbourhood, such as CQ @ Clarke Quay and Central Square and Central Mall, which are both undergoing large-scale redevelopment projects. Additionally, the upcoming Canninghill Piers, an Tengah EC integrated development with residences, a hotel, serviced residences, and a two-storey commercial podium, is set to be a great boon to the property.

An analysis of commercial property transactions on Upper Circular Road shows that the property changed hands for $6 million in February 2019.

The expression of interest exercise for 13 Upper Circular Road closes on April 11 at 3pm. With its carefully crafted assets and its strategic location, investors and owner-occupiers should not miss this opportunity.