Pair of North Canal Road shophouses for sale at $8.5 mil
A pair of adjacent conservation shophouses situated at 42 and 43 North Canal Road in the Boat Quay precinct have been released for sale via an expression of interest (EOI) exercise. The shophouses– both 99-year leasehold commercial real estates– have a combined guide price of $8.5 million.
The properties are a three-minute step away from Clarke Quay MRT Terminal, whilst the Chinatown MRT Interchange is roughly five minutes away walking.
He expects the properties to draw solid interest from both standard shophouse investors and operators reflecting on 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 kind of frontage and scale,” he claims.
The EOI will close at 3pm on Sept 30.
Loyalle Chin, co-founder of Steward Asia, a team under PropNex Realty that is marketing the real properties, notes that buyers could check out amalgamating the shophouses and applying for an adjustment of use to hotel or serviced apartments.
Both shophouses are currently fully tenanted. With each other, they have a mixed built-up area of surrounding 9,650 sq ft, that implies the guide cost exercises to $881 psf.
The shophouse at 42 North Canal Roadway is a five-storey real estate with an approximated 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 implies the shophouse’s built-up area might potentially be increased to around 7,009 sq ft.
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 covers an acreage of 1,838 sq ft, with possibility for a back expansion– based on confirmation from authorizations– that would increase the built-up area up to an optimum of 7,720 sq ft, based on the 4.2 plot ratio.
The shophouses are part of a surge of saved business structures that have actually taken place the marketplace given that URA relaxed limitations on accommodation-led usages in the Coastline Road and Upper Circular Road Conservation Areas in June. The North Canal Road shophouses drop under the last.
