Pair of North Canal Road shophouses for sale at $8.5 mil
The shophouse at 42 North Canal Road 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 proportion of 4.2. This implies the shophouse’s built-up area could possibly be expanded to around 7,009 sq ft.
A set of adjoining conservation shophouses situated at 42 and 43 North Canal Road in the Boat Quay district have been introduced for sale via an expression of interest (EOI) exercise. The shophouses– both 99-year leasehold commercial properties– have a mixed guide cost of $8.5 million.
Next door, the shophouse at 43 North Canal Road is a two-storey property with a built-up area of concerning 3,290 sq ft. It covers a land area of 1,838 sq ft, with possibility for a back extension– based on approval from authorities– that would enhance the built-up area approximately a maximum of 7,720 sq ft, based on the 4.2 plot proportion.
He anticipates the properties to attract strong interest from both conventional shophouse entrepreneurs and operators reflecting on the location following URA’s policy change. “At $8.5 million for both units, this is a comparatively accessible entry point for a shophouse pair with this type of frontage and scale,” he says.
The EOI will close at 3pm on Sept 30.
The real properties are a three-minute step away from Clarke Quay MRT Stop, whilst the Chinatown MRT Interchange is approximately five mins away walking.
The shophouses belong to a surge of preserved business buildings that have taken place the market given that URA relaxed constraints on accommodation-led usages in the Beach Road and Upper Circular Road Conservation Areas in June. The North Canal Road shophouses fall under the latter.
Loyalle Chin, co-founder of Steward Asia, a team under PropNex Realty that is promoting the real properties, notes that buyers can explore integrating the shophouses and applying for a modification of use to hotel or serviced apartments.
Both shophouses are currently fully tenanted. With each other, they have a mixed built-up area of surrounding 9,650 sq ft, which means the guide cost works out to $881 psf.
