Pair of North Canal Road shophouses for sale at $8.5 mil
Both shophouses are currently fully tenanted. With each other, they have a consolidated built-up area of around 9,650 sq ft, which suggests the overview rate exercises to $881 psf.
He expects the properties to draw strong interest from both conventional shophouse financiers and operators reflecting on the area 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 kind of frontage and scale,” he says.
Loyalle Chin, founder of Steward Asia, a team under PropNex Realty that is marketing the real properties, notes that buyers can check out integrating the shophouses and applying for a modification of use to hotel 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 plot proportion of 4.2. This implies the shophouse’s built-up area can potentially be increased to about 7,009 sq ft.
Union Square Residences City Developments Limited
The properties are a three-minute stroll away from Clarke Quay MRT Station, while the Chinatown MRT Interchange is approximately 5 mins away walking.
Next door, the shophouse at 43 North Canal Road is a two-storey property with a built-up area of about 3,290 sq ft. It extends a land area of 1,838 sq ft, with possibility for a rear extension– subject to approval from authorizations– that would certainly enhance the built-up area approximately an optimum of 7,720 sq ft, based upon the 4.2 story proportion.
A set of adjacent preservation shophouses situated at 42 and 43 North Canal Road in the Boat Quay district have already been introduced for sale via an expression of interest (EOI) exercise. The shophouses– both 99-year leasehold commercial real estates– have a mixed guide rate of $8.5 million.
The EOI will certainly shut at 3pm on Sept 30.
The shophouses come with a wave of conserved industrial buildings that have gone on the marketplace because URA relaxed constraints on accommodation-led usages in the Coastline Roadway and Upper Circular Road Sanctuary in June. The North Canal Road shophouses drop under the latter.
