Pair of North Canal Road shophouses for sale at $8.5 mil
Near, the shophouse at 43 North Canal Road is a two-storey real estate with a built-up area of concerning 3,290 sq ft. It extends an acreage of 1,838 sq ft, with possibility for a back extension– based on approval from authorizations– that would certainly boost the built-up area approximately a maximum of 7,720 sq ft, based on the 4.2 plot ratio.
The shophouses come with a wave of preserved business structures that have actually taken place the marketplace given that URA relaxed limitations on accommodation-led uses in the Beach Road and Upper Circular Road Conservation Areas in June. The North Canal Road shophouses fall under the last.
A pair of adjoining conservation shophouses located at 42 and 43 North Canal Road in the Boat Quay district have been released for sale via an expression of interest (EOI) exercise. The shophouses– both 99-year leasehold commercial real estates– have a consolidated guide price of $8.5 million.
The properties are a three-minute step away from Clarke Quay MRT Stop, while the Chinatown MRT Interchange is about five minutes away on foot.
He anticipates the real estates to pull strong attraction from both traditional shophouse investors and operators reassessing the area following URA’s policy change. “At $8.5 million for both units, this is a somewhat accessible entry point for a shophouse pair with this type of frontage and scale,” he says.
Loyalle Chin, founder of Steward Asia, a team under PropNex Real estate that is marketing the properties, notes that buyers can explore integrating the shophouses and applying for a modification of use to resort or serviced apartments.
The shophouse at 42 North Canal Road is a five-storey real estate with an approximated 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 implies the shophouse’s built-up area could possibly be expanded to about 7,009 sq ft.
The EOI will shut at 3pm on Sept 30.
Both shophouses are presently fully tenanted. Together, they have a consolidated built-up area of around 9,650 sq ft, which suggests the guide rate exercises to $881 psf.
