A commercial shophouse at 43 North Canal Road is up for sale with a starting price of $4.6 million.
The 99-year leasehold property sits on a 1,838 sq ft land parcel and has a built-up area of approximately 3,290 sq ft. The starting price thus translates to about $1,398 psf based on the existing built-up area.
With a 4.2 plot ratio under the Urban Redevelopment Authority’s (URA) Master Plan 2025, there is opportunity for prospective buyers to perform additions and alternation (A&A) works to maximise the gross floor area of 43 North Canal Road to approximately 7,720 sq ft, according to exclusive marketing agent Steward Asia, under PropNex Realty.
Located within the lively Boat Quay precinct, the property is less than a three-minute walk from Clarke Quay MRT Station. The fully tenanted property offers investors the opportunity to acquire a centrally located commercial shophouse with immediate income and future value-enhancement potential, adds Steward Asia in an April 20 announcement.
The incoming owner will also enjoy naming and signage rights for the building, as well as explore potential change-of-use options for the premises, subject to approval from the relevant authorities, says Steward Asia.
The property is open to purchase by foreigners and corporate entities, with no additional buyer's stamp duty (ABSD) or seller's stamp duty (SSD) applicable.
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Loyalle Chin, co-founder of Steward Asia, says: “Commercial assets at this price quantum continue to see strong demand, particularly in District 1, where single-digit million-dollar shophouses remain extremely scarce. 43 North Canal Road presents a rare opportunity for buyers looking to acquire prime shophouses at entry price levels, with tremendous potential to unlock substantial value through asset enhancement.”
The expression of interest exercise for this property will close at 3pm on June 30.
