Pair of North Canal Road shophouses for sale at $8.5 mil
Loyalle Chin, co-founder of Steward Asia, a group under PropNex Realty that is promoting the estates, notes that buyers can explore integrating the shophouses and applying for a modification of use to resort or serviced apartments.
Near, the shophouse at 43 North Canal Road is a two-storey property with a built-up area of about 3,290 sq ft. It covers an acreage of 1,838 sq ft, with possibility for a back expansion– based on confirmation from authorizations– that would boost the built-up area approximately a maximum of 7,720 sq ft, based on the 4.2 plot ratio.
The EOI will certainly shut at 3pm on Sept 30.
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 story proportion of 4.2. This indicates the shophouse’s built-up area could possibly be increased to around 7,009 sq ft.
The real properties are a three-minute step away from Clarke Quay MRT Stop, whilst the Chinatown MRT Interchange is roughly 5 mins away walking.
A pair of adjacent conservation shophouses situated at 42 and 43 North Canal Road in the Boat Quay district have been released for sale through an expression of interest (EOI) exercise. The shophouses– both 99-year leasehold commercial real estates– have a consolidated overview rate of $8.5 million.
The shophouses are part of a surge of preserved business structures that have actually taken place the marketplace given that URA relaxed limitations on accommodation-led uses in the Coastline Roadway and Upper Circular Road Sanctuary in June. The North Canal Road shophouses drop under the latter.
Both shophouses are currently completely tenanted. Together, they have a consolidated built-up area of surrounding 9,650 sq ft, that indicates the overview price exercises to $881 psf.
He anticipates the properties to pull solid attraction from both conventional shophouse financiers and operators reassessing the location following URA’s policy change. “At $8.5 million for both units, this is a fairly accessible entry point for a shophouse pair with this type of frontage and scale,” he states.
