Pair of North Canal Road shophouses for sale at $8.5 mil
Both shophouses are presently completely tenanted. Together, they have a consolidated built-up area of about 9,650 sq ft, that indicates the guide rate works out to $881 psf.
Loyalle Chin, founder of Steward Asia, a group under PropNex Real estate that is advertising the estates, notes that buyers might discover amalgamating the shophouses and applying for a modification of use to resort or serviced apartments.
The real properties are a three-minute stroll away from Clarke Quay MRT Terminal, while the Chinatown MRT Interchange is approximately 5 minutes away on foot.
The EOI will certainly shut at 3pm on Sept 30.
The shophouse at 42 North Canal Road is a five-storey property with an estimated built-up area of around 6,360 sq ft. Occupying a 1,669 sq ft land parcel, it has a story ratio of 4.2. This suggests the shophouse’s built-up area could potentially be expanded to around 7,009 sq ft.
The shophouses come with a wave of saved commercial structures that have actually taken place the market because URA relaxed restrictions on accommodation-led uses in the Coastline Roadway and Upper Circular Road Sanctuary in June. The North Canal Road shophouses fall under the latter.
A set of adjoining conservation shophouses situated at 42 and 43 North Canal Road in the Boat Quay district have been introduced for sale through an expression of interest (EOI) exercise. The shophouses– both 99-year leasehold commercial real estates– have a combined guide cost of $8.5 million.
He expects the real estates to draw strong interest from both conventional shophouse investors and operators reassessing the location following URA’s policy change. “At $8.5 million for both units, this is a somewhat accessible entry factor for a shophouse couple with this sort of frontage and scale,” he states.
Next door, the shophouse at 43 North Canal Road is a two-storey property with a built-up area of about 3,290 sq ft. It covers a land area of 1,838 sq ft, with potential for a rear extension– based on confirmation from authorities– that would raise the built-up area as much as an optimum of 7,720 sq ft, based on the 4.2 story proportion.
