Pair of North Canal Road shophouses for sale at $8.5 mil
Both shophouses are currently completely tenanted. With each other, they have a mixed built-up area of about 9,650 sq ft, which indicates the guide price exercises to $881 psf.
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 spans an acreage of 1,838 sq ft, with potential for a rear expansion– based on approval from authorities– that would enhance the built-up area approximately a maximum of 7,720 sq ft, based upon the 4.2 plot ratio.
A set of adjoining preservation shophouses located at 42 and 43 North Canal Road in the Boat Quay district have been introduced for sale through an expression of interest (EOI) exercise. The shophouses– both 99-year leasehold commercial real estates– have a combined overview cost of $8.5 million.
The shophouses belong to a surge of saved commercial buildings that have gone on the market because URA relaxed limitations on accommodation-led uses in the Coastline Roadway and Upper Circular Road Conservation Areas in June. The North Canal Road shophouses drop under the latter.
The properties are a three-minute walk away from Clarke Quay MRT Terminal, while the Chinatown MRT Interchange is about five minutes away on foot.
He expects the real estates to draw strong 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 fairly accessible entry factor for a shophouse pair with this type of frontage and scale,” he says.
Loyalle Chin, founder of Steward Asia, a group under PropNex Realty that is promoting the estates, notes that buyers could check out integrating the shophouses and applying for a change of use to hotel or serviced apartments.
The EOI will close at 3pm on Sept 30.
The shophouse at 42 North Canal Road 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 ratio of 4.2. This means the shophouse’s built-up area can potentially be increased to around 7,009 sq ft.
