Newly developed part three, part six-storey conservation shophouse with fresh 99-year leasehold tenure at Upper Circular Road for sale via Expression of Interest

Singapore, 6 March 2023 – CBRE, as the exclusive marketing agent, is offering for sale a newly-developed, part three, part six-storey conservation shophouse with a rear extension located at 13 Upper Circular Road. Located within the Upper Circular Road Conservation Area, the subject property will come with a fresh 99-year leasehold tenure from September 2022. The sale will be conducted through an Expression of Interest exercise which closes on Tuesday, 11 April 2023, at 3pm.

Bearing the prestigious District 1 address within the Central Business District (CBD), 13 Upper Circular Road sits on a 1,752 square foot site and has a total floor area of approximately 7,333 square feet. Retrofitted with premium specifications, the shophouse features regular and efficient floor plates with generous floor-to-ceiling heights, windows at the front and rear that allow ample natural lighting to permeate through the asset and a passenger lift that serves all six floors. Under the Master Plan 2019, the site is zoned “Commercial” with a Gross Plot Ratio of 4.2 under the Upper Circular Conservation Area. 

13 Upper Circular Road has an indicative guide price of $24.2 million that works out to about $3,300 per square foot on the total floor area. As it is a commercial property, foreigners are eligible to purchase and there will be no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) applicable to the acquisition. 

Mr Clemence Lee (利伟强), Executive Director, Capital Markets, Singapore at CBRE, says, “Due to the rich history of shophouses within the Singapore River Planning Area, such assets are typically tightly held and rarely made available for sale. Given the extensive asset enhancement initiative (AEI) 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 extensive works that were carried out also translates to lower future capital expenditure requirement and greater cost savings for the incoming investor.” 

Mr Lee continues, “Rejuvenation activities in the neighbourhood are underway, with several upcoming new redevelopment and refurbishment projects being announced over the last few years. Some of these include CQ @ Clarke Quay, which is set to undergo a S$62 million AEI slated to be completed in Q3 2023, the redevelopment of Central Square and Central Mall into a large-scale mixed-use development, and Canninghill Piers – an iconic 48-storey integrated development that boasts 696 residential units, a hotel, serviced residences, and a two-storey commercial podium. Upon completion, these projects are set to generate positive spillovers to its surrounding developments and re-establish the Clarke Quay / Boat Quay district as one of Singapore’s most popular tourist and entertainment destinations.” 

The asset is located at the focal point of numerous acclaimed districts that includes the CBD, The Civic District, Boat Quay dining enclave, and the Clarke Quay lifestyle and entertainment district. Its strategic location will enable the property to capitalize on the opportunities from the large working crowd in these areas and allow the incoming owner to enjoy capital and rental appreciation over the mid to long term horizon as the region revitalizes. 

13 Upper Circular Road is located just a 2-minutes’ walk away from Clarke Quay Central, an integrated development comprising a 5-storey retail mall, two Small Office Home Office (SOHO) towers and a 25-storey office tower. The mall, directly connected to Clarke Quay MRT station, offers a wide range of F&B and retail amenities. The shophouse is also a short walk away from Raffles Place MRT Interchange and is well served by the nearby Central Expressway (CTE) and Nicoll Highway, making it easily accessible from other parts of Singapore.