Pair of North Canal Road shophouses for sale at $8.5 mil
A set of adjacent conservation shophouses located at 42 and 43 North Canal Road in the Boat Quay precinct have already been launched for sale with an expression of interest (EOI) exercise. The shophouses– both 99-year leasehold commercial real estates– have a mixed overview cost of $8.5 million.
The real properties are a three-minute walk away from Clarke Quay MRT Stop, whilst the Chinatown MRT Interchange is approximately 5 mins away walking.
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 capacity for a back expansion– based on confirmation from authorizations– that would raise the built-up area as much as a maximum of 7,720 sq ft, based upon the 4.2 plot ratio.
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 proportion of 4.2. This indicates the shophouse’s built-up area could potentially be increased to around 7,009 sq ft.
The shophouses belong to a wave of conserved commercial buildings that have actually gone on the marketplace since URA relaxed restrictions on accommodation-led uses in the Beach Road and Upper Circular Road Sanctuary in June. The North Canal Road shophouses fall under the latter.
Grand Dunman Singhaiyi Group Ltd
Both shophouses are currently totally tenanted. With each other, they have a mixed built-up area of surrounding 9,650 sq ft, that indicates the overview cost works out to $881 psf.
He expects the real estates to draw solid interest from both traditional shophouse entrepreneurs and operators reflecting on the area following URA’s policy change. “At $8.5 million for both units, this is a relatively accessible entry factor for a shophouse couple with this sort of frontage and scale,” he claims.
Loyalle Chin, co-founder of Steward Asia, a team under PropNex Real estate that is advertising the estates, notes that buyers could discover integrating the shophouses and applying for a modification of use to resort or serviced apartments.
The EOI will shut at 3pm on Sept 30.
