Pair of North Canal Road shophouses for sale at $8.5 mil
The shophouses belong to a surge of saved commercial buildings that have gone on the market given that URA relaxed constraints on accommodation-led uses in the Beach Roadway and Upper Circular Road Sanctuary in June. The North Canal Road shophouses fall under the last.
The EOI will certainly close at 3pm on Sept 30.
Loyalle Chin, founder of Steward Asia, a team under PropNex Realty that is advertising the properties, notes that buyers might explore integrating the shophouses and applying for a change of use to resort or serviced apartments.
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 comparatively accessible entry point for a shophouse couple with this type of frontage and scale,” he claims.
Both shophouses are presently fully tenanted. With each other, they have a combined built-up area of around 9,650 sq ft, that means the overview cost exercises to $881 psf.
The shophouse at 42 North Canal Road 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 proportion of 4.2. This indicates the shophouse’s built-up area can possibly be expanded to roughly 7,009 sq ft.
The real properties are a three-minute walk away from Clarke Quay MRT Station, whilst the Chinatown MRT Interchange is roughly five 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 concerning 3,290 sq ft. It covers an acreage of 1,838 sq ft, with possibility for a rear extension– based on approval from authorities– that would increase the built-up area as much as an optimum of 7,720 sq ft, based on the 4.2 story proportion.
A pair of adjoining preservation shophouses situated at 42 and 43 North Canal Road in the Boat Quay district have already been introduced for sale via an expression of interest (EOI) exercise. The shophouses– both 99-year leasehold commercial properties– have a mixed guide rate of $8.5 million.
