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A row of 4-storey shophouses with attic located along Joo Chiat Road has been put up for sale by public tender, marketing agent CBRE said Tuesday (15 September).
The freehold conservation shophouses at 42, 44 and 46 Joo Chiat Road (pictured) have a combined land area of approximately 4,992 sq ft and currently offers a gross floor area of about 14,820 sq ft. The site is zoned for commercial uses under the 2014 Master Plan, within the Joo Chiat Conservation Area, and comes with a plot ratio of 3.0.
CBRE said the shophouses can be extended to a building height of up to five storeys based on the conservation guidelines. It added that the buyer has the option to purchase based on a leaseback structure or on a vacant possession basis.
The shophouses come with a guide price of S$28 million, and according to CBRE, “investors looking at an expected 4 percent return will find this an attractive and compelling purchase in the current market.”
Tender exercises for 42, 44 and 46 Joo Chiat Road will close on 4 November.
Meanwhile, another five adjoining shophouses located along the same stretch have been put up for sale earlier this week, with the seller seeking bids on a freehold basis in excess of S$14 million.
The shophouses at 142, 144, 146, 148, and 150 Joo Chiat Road offers a total land area of approximately 7,503 sq ft. The units sit on commercial-zoned site with a plot ratio of 3.0, which allows maximum gross floor area of approximately 22,510 sq ft.
Shophouses at 142, 144, 146, 148, and 150 Joo Chiat Road. (Source: Chestertons)
According to property consultancy Chestertons, the buyer may redevelop the freehold leasehold properties and extend up to five storeys, based on conservation guidelines. It added that interested parties can also bid on a 99-year lease basis to reduce the purchase price, but noted that the vendor “will decide the tenure disposal” after the bidding process is completed, media reports cited.
Bids for the shophouses close on 8 October.
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg.
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