Pair of North Canal Road shophouses for sale at $8.5 mil
Loyalle Chin, founder of Steward Asia, a group under PropNex Realty that is promoting the real properties, notes that buyers can check out amalgamating the shophouses and applying for a modification of use to hotel or serviced apartments.
Next door, the shophouse at 43 North Canal Road is a two-storey property with a built-up area of concerning 3,290 sq ft. It extends a land area of 1,838 sq ft, with capacity for a rear expansion– based on approval from authorizations– that would raise the built-up area as much as a maximum of 7,720 sq ft, based on the 4.2 story ratio.
The real properties are a three-minute step away from Clarke Quay MRT Stop, while the Chinatown MRT Interchange is approximately five minutes away walking.
Both shophouses are presently completely tenanted. With each other, they have a consolidated built-up area of surrounding 9,650 sq ft, that implies the overview cost works out to $881 psf.
A set of adjoining 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 guide price of $8.5 million.
He anticipates the real estates to attract solid interest from both conventional shophouse financiers and operators reassessing the area following URA’s policy change. “At $8.5 million for both units, this is a comparatively accessible entry point for a shophouse pair with this type of frontage and scale,” he claims.
The shophouses come with a wave of conserved commercial buildings that have taken place the marketplace given that URA relaxed constraints on accommodation-led usages in the Coastline Roadway and Upper Circular Road Sanctuary in June. The North Canal Road shophouses drop under the latter.
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 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 possibly be expanded to roughly 7,009 sq ft.
