Pair of North Canal Road shophouses for sale at $8.5 mil
The shophouse at 42 North Canal Roadway is a five-storey real estate with an estimated built-up area of around 6,360 sq ft. Occupying a 1,669 sq ft land parcel, it has a plot proportion of 4.2. This implies the shophouse’s built-up area might possibly be expanded to about 7,009 sq ft.
Near, the shophouse at 43 North Canal Road is a two-storey property with a built-up area of regarding 3,290 sq ft. It extends a land area of 1,838 sq ft, with potential for a back expansion– based on approval from authorities– that would raise the built-up area up to a maximum of 7,720 sq ft, based on the 4.2 plot proportion.
A pair of adjacent preservation shophouses situated at 42 and 43 North Canal Road in the Boat Quay precinct have been released for sale with an expression of interest (EOI) exercise. The shophouses– both 99-year leasehold commercial real estates– have a combined guide rate of $8.5 million.
The EOI will certainly shut at 3pm on Sept 30.
The real properties are a three-minute stroll away from Clarke Quay MRT Station, whilst the Chinatown MRT Interchange is approximately five mins away walking.
The shophouses are part of a wave of saved industrial structures that have gone on the marketplace since URA relaxed constraints on accommodation-led uses in the Coastline Road and Upper Circular Road Conservation Areas in June. The North Canal Road shophouses fall under the last.
Both shophouses are currently fully tenanted. With each other, they have a combined built-up area of around 9,650 sq ft, which implies the overview price exercises to $881 psf.
Loyalle Chin, co-founder of Steward Asia, a group under PropNex Real estate that is marketing the estates, notes that buyers can discover amalgamating the shophouses and applying for an adjustment of use to hotel or serviced apartments.
He expects the properties to attract strong attraction from both traditional shophouse financiers and operators reassessing the area following URA’s policy change. “At $8.5 million for both units, this is a comparatively accessible entry point for a shophouse couple with this type of frontage and scale,” he states.
