Pair of North Canal Road shophouses for sale at $8.5 mil
The shophouses are part of a wave of preserved commercial buildings that have taken place the market because URA relaxed constraints on accommodation-led uses in the Coastline Roadway and Upper Circular Road Conservation Areas in June. The North Canal Road shophouses fall under the last.
Loyalle Chin, founder of Steward Asia, a team under PropNex Real estate that is promoting the real properties, notes that buyers can discover integrating the shophouses and applying for an adjustment of use to hotel or serviced apartments.
Both shophouses are currently fully tenanted. Together, they have a mixed built-up area of surrounding 9,650 sq ft, which indicates the overview rate exercises to $881 psf.
The real properties are a three-minute step away from Clarke Quay MRT Stop, whilst the Chinatown MRT Interchange is about five mins away walking.
He expects the real estates to pull solid attraction from both traditional shophouse financiers and operators reassessing 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 sort of frontage and scale,” he claims.
Near, 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 a land area of 1,838 sq ft, with capacity for a rear expansion– based on authorization from authorizations– that would certainly boost the built-up area as much as a maximum of 7,720 sq ft, based upon the 4.2 story proportion.
The EOI will certainly close at 3pm on Sept 30.
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 ratio of 4.2. This means the shophouse’s built-up area might potentially be increased to roughly 7,009 sq ft.
A set of adjacent conservation shophouses located at 42 and 43 North Canal Road in the Boat Quay precinct have been launched for sale via an expression of interest (EOI) exercise. The shophouses– both 99-year leasehold commercial properties– have a combined overview cost of $8.5 million.
