Pair of North Canal Road shophouses for sale at $8.5 mil
A set of adjacent preservation shophouses situated at 42 and 43 North Canal Road in the Boat Quay district have already been released for sale via an expression of interest (EOI) exercise. The shophouses– both 99-year leasehold commercial properties– have a combined overview rate of $8.5 million.
Near, the shophouse at 43 North Canal Road is a two-storey real estate with a built-up area of concerning 3,290 sq ft. It spans an acreage of 1,838 sq ft, with capacity for a rear extension– subject to authorization from authorizations– that would raise the built-up area up to an optimum of 7,720 sq ft, based upon the 4.2 story proportion.
He anticipates the properties to attract solid interest from both traditional 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 point for a shophouse pair with this sort of frontage and scale,” he states.
Loyalle Chin, founder of Steward Asia, a team under PropNex Real estate that is advertising the properties, notes that buyers might check out amalgamating the shophouses and applying for a modification of use to hotel or serviced apartments.
The shophouses belong to a surge of preserved business buildings that have taken place the market since URA relaxed restrictions on accommodation-led usages in the Beach Roadway and Upper Circular Road Conservation Areas in June. The North Canal Road shophouses fall under the last.
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 plot proportion of 4.2. This indicates the shophouse’s built-up area could potentially be broadened to about 7,009 sq ft.
Both shophouses are presently completely tenanted. With each other, they have a combined built-up area of around 9,650 sq ft, which suggests the guide cost exercises to $881 psf.
The real properties are a three-minute step away from Clarke Quay MRT Terminal, whilst the Chinatown MRT Interchange is approximately 5 minutes away walking.
The EOI will close at 3pm on Sept 30.
