Pair of North Canal Road shophouses for sale at $8.5 mil
A set of adjoining preservation shophouses located at 42 and 43 North Canal Road in the Boat Quay precinct have been released for sale with an expression of interest (EOI) exercise. The shophouses– both 99-year leasehold commercial properties– have a consolidated guide cost of $8.5 million.
Next door, the shophouse at 43 North Canal Road is a two-storey real estate with a built-up area of about 3,290 sq ft. It extends an acreage of 1,838 sq ft, with potential for a back extension– based on approval from authorizations– that would certainly raise the built-up area approximately an optimum of 7,720 sq ft, based upon the 4.2 story ratio.
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 suggests the shophouse’s built-up area can potentially be broadened to around 7,009 sq ft.
The EOI will shut at 3pm on Sept 30.
He expects the properties to draw solid interest from both traditional shophouse entrepreneurs 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 couple with this sort of frontage and scale,” he states.
Loyalle Chin, founder of Steward Asia, a group under PropNex Real estate that is advertising the properties, notes that buyers can check out amalgamating the shophouses and applying for a change of use to hotel or serviced apartments.
The properties are a three-minute walk away from Clarke Quay MRT Terminal, while the Chinatown MRT Interchange is approximately 5 mins away on foot.
Both shophouses are currently fully tenanted. Together, they have a consolidated built-up area of around 9,650 sq ft, which means the overview cost exercises to $881 psf.
The shophouses belong to a surge of saved commercial buildings that have gone on the marketplace considering that URA relaxed restrictions on accommodation-led uses in the Coastline Road and Upper Circular Road Sanctuary in June. The North Canal Road shophouses fall under the latter.
