Pair of North Canal Road shophouses for sale at $8.5 mil
The real properties are a three-minute stroll away from Clarke Quay MRT Terminal, while the Chinatown MRT Interchange is roughly five minutes away walking.
Both shophouses are presently completely tenanted. With each other, they have a combined built-up area of around 9,650 sq ft, which suggests the guide price works out to $881 psf.
Loyalle Chin, co-founder of Steward Asia, a group under PropNex Realty that is marketing the estates, notes that buyers can explore amalgamating the shophouses and applying for an adjustment of use to resort or serviced apartments.
The shophouses belong to a wave of saved industrial structures that have actually gone on the marketplace because URA relaxed limitations on accommodation-led usages in the Beach Roadway and Upper Circular Road Conservation Areas in June. The North Canal Road shophouses fall under the last.
Next door, the shophouse at 43 North Canal Road is a two-storey property with a built-up area of regarding 3,290 sq ft. It extends an acreage of 1,838 sq ft, with capacity for a rear expansion– subject to approval from authorities– that would enhance the built-up area as much as a maximum of 7,720 sq ft, based upon the 4.2 plot ratio.
He expects the real estates to draw solid attraction from both conventional shophouse investors and operators reassessing the location following URA’s policy change. “At $8.5 million for both units, this is a relatively accessible entry factor for a shophouse couple with this sort of frontage and scale,” he says.
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 plot ratio of 4.2. This suggests the shophouse’s built-up area can potentially be broadened to approximately 7,009 sq ft.
The EOI will close at 3pm on Sept 30.
A set of adjacent conservation shophouses located at 42 and 43 North Canal Road in the Boat Quay district have been introduced for sale via an expression of interest (EOI) exercise. The shophouses– both 99-year leasehold commercial real estates– have a mixed overview cost of $8.5 million.
