Pair of North Canal Road shophouses for sale at $8.5 mil
A set of adjoining conservation shophouses situated at 42 and 43 North Canal Road in the Boat Quay precinct have been launched for sale with an expression of interest (EOI) exercise. The shophouses– both 99-year leasehold commercial properties– have a consolidated guide price of $8.5 million.
The real properties are a three-minute stroll away from Clarke Quay MRT Station, while the Chinatown MRT Interchange is about five minutes away on foot.
Amberwood at Holland Singapore
The EOI will close at 3pm on Sept 30.
Both shophouses are presently completely tenanted. With each other, they have a mixed built-up area of around 9,650 sq ft, that suggests the guide price works out to $881 psf.
Loyalle Chin, founder of Steward Asia, a team under PropNex Realty that is marketing the real properties, notes that buyers might check out integrating the shophouses and applying for an adjustment of use to resort or serviced apartments.
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 ratio of 4.2. This means the shophouse’s built-up area could potentially be broadened to roughly 7,009 sq ft.
The shophouses belong to a wave of conserved business structures that have actually gone on the marketplace since URA relaxed restrictions on accommodation-led uses in the Coastline Roadway and Upper Circular Road Conservation Areas in June. The North Canal Road shophouses fall under the latter.
He expects the properties to pull solid interest from both traditional 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 factor for a shophouse pair with this kind of frontage and scale,” he says.
Near, the shophouse at 43 North Canal Road is a two-storey real estate with a built-up area of regarding 3,290 sq ft. It covers an acreage of 1,838 sq ft, with capacity for a rear expansion– subject to approval from authorizations– that would enhance the built-up area as much as a maximum of 7,720 sq ft, based on the 4.2 story proportion.
