Pair of North Canal Road shophouses for sale at $8.5 mil
He anticipates the properties to draw strong interest from both conventional shophouse investors and operators reflecting on the area following URA’s policy change. “At $8.5 million for both units, this is a somewhat accessible entry factor for a shophouse pair with this kind of frontage and scale,” he states.
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 story proportion of 4.2. This suggests the shophouse’s built-up area can potentially be broadened to about 7,009 sq ft.
The real properties are a three-minute walk away from Clarke Quay MRT Stop, whilst the Chinatown MRT Interchange is roughly 5 minutes away on foot.
Next door, the shophouse at 43 North Canal Road is a two-storey real estate with a built-up area of regarding 3,290 sq ft. It extends an acreage of 1,838 sq ft, with capacity for a rear extension– based on confirmation from authorities– that would enhance the built-up area up to a maximum of 7,720 sq ft, based upon the 4.2 plot proportion.
A pair of adjoining conservation shophouses situated at 42 and 43 North Canal Road in the Boat Quay district have been introduced for sale through an expression of interest (EOI) exercise. The shophouses– both 99-year leasehold commercial properties– have a consolidated overview cost of $8.5 million.
The EOI will close at 3pm on Sept 30.
The shophouses come with a wave of saved commercial structures that have actually gone on the marketplace because URA relaxed constraints on accommodation-led usages in the Beach Road and Upper Circular Road Sanctuary in June. The North Canal Road shophouses drop under the latter.
Both shophouses are currently fully tenanted. Together, they have a mixed built-up area of surrounding 9,650 sq ft, which means the guide cost works out to $881 psf.
Loyalle Chin, co-founder of Steward Asia, a group under PropNex Realty that is advertising the estates, notes that buyers might check out amalgamating the shophouses and applying for a change of use to resort or serviced apartments.
