Pair of North Canal Road shophouses for sale at $8.5 mil
The shophouses come with a surge of saved commercial structures that have actually gone on the marketplace given that URA relaxed restrictions on accommodation-led uses in the Coastline Road and Upper Circular Road Conservation Areas in June. The North Canal Road shophouses drop under the last.
Both shophouses are currently completely tenanted. With each other, they have a mixed built-up area of around 9,650 sq ft, which implies the overview rate exercises to $881 psf.
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 can possibly be broadened to around 7,009 sq ft.
The real properties are a three-minute step away from Clarke Quay MRT Station, whilst the Chinatown MRT Interchange is about 5 minutes away walking.
A set of adjoining conservation shophouses situated at 42 and 43 North Canal Road in the Boat Quay district have already been launched for sale with an expression of interest (EOI) exercise. The shophouses– both 99-year leasehold commercial real estates– have a combined overview cost of $8.5 million.
Next door, the shophouse at 43 North Canal Road is a two-storey property with a built-up area of concerning 3,290 sq ft. It extends a land area of 1,838 sq ft, with potential for a rear extension– based on approval from authorities– that would boost the built-up area up to a maximum of 7,720 sq ft, based upon the 4.2 plot proportion.
Loyalle Chin, founder of Steward Asia, a group under PropNex Realty that is advertising the 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 certainly close at 3pm on Sept 30.
He expects the properties to pull strong interest from both standard shophouse financiers and operators reassessing the location following URA’s policy change. “At $8.5 million for both units, this is a comparatively accessible entry factor for a shophouse pair with this type of frontage and scale,” he claims.
