Two rare-tenure commercial assets hit market

The assets include a freehold shop at Nomu and a 999-year shophouse at North Canal Road.

Two city-centre commercial assets with freehold and 999-year tenures are on the market, according to Knight Frank Singapore.

The properties comprise a 1,335-square-foot ground-floor shop at Nomu and a three-storey commercial conservation shophouse at North Canal Road.

The freehold strata unit at Nomu is close to Dhoby Ghaut MRT station and within walking distance of Plaza Singapura and The Cathay. 

It has frontage along Handy Road and naming and signage rights. The unit is tenanted.

The North Canal Road property, within the Boat Quay Conservation Area, has a 999-year tenure. It occupies about 953 square feet of site area and has an estimated gross floor area of 3,154 sq ft.

The shophouse sits opposite OCBC Centre and is within walking distance of Raffles Place and Clarke Quay MRT stations.

The surrounding area includes conserved shophouses, office buildings, hotels, restaurants, cafés, and lifestyle destinations, Knight Frank said.

Both properties can be used for commercial purposes including offices, education, wellness, showrooms, and retail, subject to the relevant approvals.

Foreign buyers are eligible to acquire the properties, as no Additional Buyer's Stamp Duty or Seller's Stamp Duty are applicable.

Mary Sai, executive director of capital markets at Knight Frank Singapore, said freehold and near-freehold commercial opportunities remain limited in Singapore, particularly within established city-centre precincts where supply is naturally constrained.

“Buyers today are becoming more selective, focusing on assets that offer scarcity, visibility and flexibility of use,” Sai said.

She added that the properties provide exposure to two established commercial precincts through assets that are difficult to replicate and seldom available for acquisition.