Pair of North Canal Road shophouses for sale at $8.5 mil

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 extends an acreage of 1,838 sq ft, with capacity for a rear expansion– based on confirmation from authorizations– that would certainly boost the built-up area up to an optimum of 7,720 sq ft, based on the 4.2 story proportion.

Loyalle Chin, co-founder of Steward Asia, a group under PropNex Realty that is marketing the properties, notes that buyers might check out amalgamating the shophouses and applying for an adjustment of use to resort or serviced apartments.

The EOI will certainly shut at 3pm on Sept 30.

The shophouses are part of a surge of preserved commercial buildings that have actually taken place the market considering that URA relaxed constraints on accommodation-led uses in the Beach Roadway and Upper Circular Road Sanctuary in June. The North Canal Road shophouses drop under the latter.

Springleaf Residence condominium

Both shophouses are currently completely tenanted. Together, they have a combined built-up area of around 9,650 sq ft, which indicates the overview cost works out to $881 psf.

The shophouse at 42 North Canal Roadway is a five-storey property 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 increased to roughly 7,009 sq ft.

He expects the real estates to pull solid attraction from both traditional shophouse entrepreneurs 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 pair with this sort of frontage and scale,” he says.

A set of adjoining preservation shophouses located at 42 and 43 North Canal Road in the Boat Quay precinct have already been introduced for sale through an expression of interest (EOI) exercise. The shophouses– both 99-year leasehold commercial real estates– have a consolidated overview price of $8.5 million.

The properties are a three-minute step away from Clarke Quay MRT Terminal, whilst the Chinatown MRT Interchange is approximately five mins away on foot.