Shophouse on Upper Circular Road for sale at $24.2 mil

An extensive asset enhancement project has transformed 13 Upper Circular Road into a six-storey structure measuring 7,333 sq ft. This comes with a new 99-year lease starting from September 2022. CBRE lebelieves the property will draw high interest from investors and owner-occupiers looking for a heritage asset in a desired location.

The property is located in the Upper Circular Conservation Area with a 4.2 gross plot ratio and a guide price of about $3,300 psf. It is situated near to The Riverwalk mixed-use and development and a five-minute walk from Clark Quay Central and the Clarke Quay MRT Station. Raffles Place MRT Interchange Station is 10 minutes away.

Investors looking to own a shophouse in this area can benefit from upcoming developments including the $62 million asset enhancement project of CQ @ Clarke Quay by 3Q2023; the redevelopment of Central Square and Central Mall; and the Canninghill Piers integrated development.

The expression of interest exercise for 13 Upper Circular Road is open until April 11 at 3pm. Previous transactions on this street in February 2019 saw the property change hands for $6 million.

CBRE’s Clemence Lee comments, ‘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 The Myst coveted districts.’

Therefore, the guide price of $24.2 million for 13 Upper Circular Road presents a great opportunity for investors to acquire a strong heritage asset within Singapore’s coveted district.