Pair of North Canal Road shophouses for sale at $8.5 mil
A pair of adjacent preservation shophouses located at 42 and 43 North Canal Road in the Boat Quay district have been launched for sale through an expression of interest (EOI) exercise. The shophouses– both 99-year leasehold commercial properties– have a combined overview rate of $8.5 million.
The shophouse at 42 North Canal Roadway 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 plot ratio of 4.2. This suggests the shophouse’s built-up area could potentially be expanded to roughly 7,009 sq ft.
Loyalle Chin, founder of Steward Asia, a team under PropNex Realty that is promoting the real properties, notes that buyers can check out amalgamating the shophouses and applying for a change of use to resort or serviced apartments.
The real properties are a three-minute step away from Clarke Quay MRT Station, whilst the Chinatown MRT Interchange is about five mins away on foot.
Both shophouses are presently totally tenanted. With each other, they have a mixed built-up area of surrounding 9,650 sq ft, that means the guide price works out to $881 psf.
He expects the properties to attract solid attraction from both conventional shophouse financiers and operators reassessing the area following URA’s policy change. “At $8.5 million for both units, this is a comparatively accessible entry point for a shophouse couple with this type of frontage and scale,” he claims.
Next door, 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 covers an acreage of 1,838 sq ft, with capacity for a back expansion– subject to approval from authorities– that would certainly increase the built-up area as much as a maximum of 7,720 sq ft, based on the 4.2 plot ratio.
The EOI will close at 3pm on Sept 30.
The shophouses come with a surge of conserved business structures that have taken place the market since URA relaxed constraints on accommodation-led uses in the Coastline Road and Upper Circular Road Sanctuary in June. The North Canal Road shophouses drop under the latter.
