Shophouse on Upper Circular Road for sale at $24.2 mil

Boasting an extensive asset enhancement, 13 Upper Circular Road is now on the market with a guide price of $24.2 million. Situated in the Upper Circular Conservation Area and spanning 1,752 sq ft, this commercial property has been redeveloped and expanded to a six-storey structure, coming with a brand-new 99-year lease from September 2022.

According to Clemence Lee, executive director, capital markets, Singapore at CBRE, the asset has potential to attract strong interest given its location across the road from The Riverwalk and five-minute walk to Clark Quay Central. Not to mention its 10-minute proximity to Raffles Place MRT Interchange Station.

This shophouse also stands to benefit from rejuvenation efforts in the area, such as CQ @ Clarke Quay – with $62 million slated to be invested in the asset enhancement initiative. Central Square and Central Mall are being redeveloped into a large-scale mixed-use development and Canninghill Piers – an integrated development with residential units and two-storey commercial podium – is upcoming as well.

The expression of interest exercise for 13 Upper Circular Road closes on April 11 at 3 pm, with a total floor area of 7,333 sq ft, and a gross plot ratio of 4.2. A look back into the records of commercial property transactions shows that the property changed hands for a mere $6 million in February 2019 – an indication that the Champions Way Condo market could be seeing a formidable profit margin in coming months.