Pair of North Canal Road shophouses for sale at $8.5 mil
A set of adjacent conservation shophouses located at 42 and 43 North Canal Road in the Boat Quay precinct have been introduced for sale with an expression of interest (EOI) exercise. The shophouses– both 99-year leasehold commercial real estates– have a combined guide rate of $8.5 million.
Both shophouses are presently completely tenanted. With each other, they have a combined built-up area of about 9,650 sq ft, that implies the guide price exercises to $881 psf.
He expects the real estates to draw strong attraction from both conventional shophouse financiers and operators reassessing the location following URA’s policy change. “At $8.5 million for both units, this is a comparatively accessible entry factor for a shophouse couple with this type of frontage and scale,” he says.
Bukit Sembawang Estates Limited
The properties are a three-minute step away from Clarke Quay MRT Stop, whilst the Chinatown MRT Interchange is roughly five mins away walking.
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 proportion of 4.2. This indicates the shophouse’s built-up area could possibly be increased to about 7,009 sq ft.
The shophouses belong to a surge of conserved business structures that have actually gone on the market because URA relaxed limitations on accommodation-led usages in the Coastline Road and Upper Circular Road Sanctuary in June. The North Canal Road shophouses drop under the latter.
The EOI will shut at 3pm on Sept 30.
Loyalle Chin, co-founder of Steward Asia, a group under PropNex Real estate that is promoting the properties, notes that buyers could explore amalgamating the shophouses and applying for a modification of use to resort or serviced apartments.
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 extends a land area of 1,838 sq ft, with possibility for a rear expansion– based on authorization from authorizations– that would certainly raise the built-up area approximately an optimum of 7,720 sq ft, based on the 4.2 plot proportion.
