Pair of North Canal Road shophouses for sale at $8.5 mil
The shophouse at 42 North Canal Roadway 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 plot ratio of 4.2. This implies the shophouse’s built-up area can potentially be broadened to around 7,009 sq ft.
Loyalle Chin, founder of Steward Asia, a group under PropNex Real estate that is marketing the real properties, notes that buyers can check out amalgamating the shophouses and applying for a modification of use to resort or serviced apartments.
The EOI will shut at 3pm on Sept 30.
He expects the properties to attract solid interest from both traditional shophouse financiers and operators reflecting on the location following URA’s policy change. “At $8.5 million for both units, this is a relatively accessible entry point for a shophouse couple with this kind of frontage and scale,” he claims.
A set of adjacent conservation shophouses located at 42 and 43 North Canal Road in the Boat Quay precinct have been released for sale through an expression of interest (EOI) exercise. The shophouses– both 99-year leasehold commercial properties– have a combined overview price of $8.5 million.
The real properties are a three-minute step away from Clarke Quay MRT Stop, whilst the Chinatown MRT Interchange is roughly 5 minutes away walking.
Both shophouses are currently totally tenanted. Together, they have a consolidated built-up area of about 9,650 sq ft, that suggests the overview rate works out to $881 psf.
Next door, the shophouse at 43 North Canal Road is a two-storey property with a built-up area of regarding 3,290 sq ft. It spans a land area of 1,838 sq ft, with potential for a rear extension– subject to authorization from authorities– that would certainly increase the built-up area approximately a maximum of 7,720 sq ft, based upon the 4.2 story ratio.
The shophouses are part of a wave of preserved business structures that have actually gone on the marketplace because URA relaxed limitations on accommodation-led usages in the Beach Road and Upper Circular Road Sanctuary in June. The North Canal Road shophouses drop under the last.
