Pair of North Canal Road shophouses for sale at $8.5 mil
The shophouses come with a surge of saved business structures that have actually gone on the marketplace considering that URA relaxed constraints on accommodation-led uses in the Beach Road and Upper Circular Road Conservation Areas in June. The North Canal Road shophouses drop under the latter.
The Arcady @ Boon Keng Singapore
Both shophouses are presently completely tenanted. Together, they have a combined built-up area of surrounding 9,650 sq ft, which indicates the overview rate exercises to $881 psf.
He expects the properties to draw strong interest from both standard shophouse entrepreneurs and operators reflecting on the location following URA’s policy change. “At $8.5 million for both units, this is a somewhat accessible entry point for a shophouse pair with this kind of frontage and scale,” he says.
A set of adjacent conservation shophouses located at 42 and 43 North Canal Road in the Boat Quay precinct have already been introduced for sale via an expression of interest (EOI) exercise. The shophouses– both 99-year leasehold commercial real estates– have a combined guide cost of $8.5 million.
Near, the shophouse at 43 North Canal Road is a two-storey real estate with a built-up area of about 3,290 sq ft. It extends an acreage of 1,838 sq ft, with potential for a rear extension– subject to confirmation from authorities– that would certainly enhance the built-up area up to a maximum of 7,720 sq ft, based on the 4.2 plot ratio.
Loyalle Chin, founder of Steward Asia, a team under PropNex Realty that is marketing the estates, notes that buyers might explore integrating the shophouses and applying for a modification of use to resort or serviced apartments.
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 story proportion of 4.2. This means the shophouse’s built-up area can possibly be expanded to approximately 7,009 sq ft.
The EOI will close at 3pm on Sept 30.
The properties are a three-minute walk away from Clarke Quay MRT Terminal, while the Chinatown MRT Interchange is about five mins away on foot.
