Pair of North Canal Road shophouses for sale at $8.5 mil
The shophouse at 42 North Canal Roadway is a five-storey property 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 indicates the shophouse’s built-up area might potentially be expanded to around 7,009 sq ft.
The EOI will shut at 3pm on Sept 30.
The shophouses are part of a surge of preserved industrial structures that have actually taken place the marketplace because URA relaxed limitations on accommodation-led uses in the Beach Road and Upper Circular Road Sanctuary in June. The North Canal Road shophouses fall under the last.
Both shophouses are presently totally tenanted. With each other, they have a combined built-up area of around 9,650 sq ft, which suggests the guide price exercises to $881 psf.
Loyalle Chin, co-founder of Steward Asia, a team under PropNex Realty that is promoting the estates, notes that buyers can discover integrating the shophouses and applying for an adjustment of use to hotel or serviced apartments.
He expects the properties to pull strong interest from both conventional shophouse financiers and operators reflecting on the location 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 kind of frontage and scale,” he claims.
A pair of adjoining conservation shophouses located at 42 and 43 North Canal Road in the Boat Quay district have already been launched 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.
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 spans an acreage of 1,838 sq ft, with potential for a back expansion– based on approval from authorizations– that would boost the built-up area up to a maximum of 7,720 sq ft, based on the 4.2 plot ratio.
The properties are a three-minute walk away from Clarke Quay MRT Stop, whilst the Chinatown MRT Interchange is approximately five mins away walking.
