Circular Road shophouse seeks $28m for 999-year asset

The building stands on 1,141 square feet of land.

A four-storey commercial shophouse at 38 Circular Road has been launched for sale with a guide price of $28m.

Brilliance Capital, the exclusive marketing agent, is conducting the sale through an Expression of Interest exercise ending on Wednesday, 6 May, at 3:00 pm.

The property sits on 1,141 square feet (sqf) of land with a total floor area of approximately 4,402 sqf.

A key highlight for investors is its 999-year leasehold tenure, which is often sought after for long-term value.

As a fully commercial asset, the sale is open to foreign buyers, and no Additional Buyer’s Stamp Duty (ABSD) applies.

Located between the financial district and the Clarke Quay lifestyle area, the building is a short walk from the Raffles Place, Telok Ayer, and Clarke Quay MRT stations.

The property was fully refurbished in late 2023, receiving upgrades to its facade, air-conditioning, lighting, and interior flooring.

The building is currently occupied by a mix of tenants, including a popular Japanese soba restaurant on the ground floor, a wellness centre, and an interior design firm.

One level has been renovated and is ready for a new owner to move in or lease out.

Sammi Lim, founder of Brilliance Capital, noted that the Circular Road area has transformed from a nightlife hub into a refined district for reputable dining and office brands.

She added that Singapore's reputation as a stable investment destination continues to attract high-net-worth individuals and family offices to the limited supply of conservation shophouses.

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