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A row of four adjoining three-storey shophouses (pictured) with attic in the Joo Chiat/East Coast area has been put up for sale by public tender, marketing agent CBRE announced Thursday, 14 January.
Located at 292, 294, 296 and 298 Joo Chiat Road, the shophouses have a combined land area of approximately 7,616 sq ft, and the current gross floor area of approximately 17,980 sq ft. The site, zoned for commercial use, is located within the Joo Chiat Conservation Area and comes with a plot ratio of 3.0. According to CBRE, new extensions within the conservation guidelines are permitted up to a building height of 5-storeys, which can increase the gross floor area to approximately 22,848 sq ft.
In addition, CBRE said the upper floors have been granted permanent permission for ‘Hotel’ and come with an existing approved use for ‘Student Hostel’.
“With a row of four adjoining units, some feel that the purchase of such shophouses is akin to buying land and owning a boutique building. The contiguous shophouses also provide the buyer with the extra flexibility and creativity to configure the space to suit an entire spectrum of commercial use classes, or cater to the needs of tenants,” said Sammi Lim, Associate Director, for Investment Properties at CBRE.
Based on caveats, CBRE said the most recent transactions in the vicinity were two freehold shophouses at 42 to 46 Joo Chiat Road and 452 Joo Chiat Road in December and October last year, which were sold for approximately $1,552 and $1,489 per square foot over the gross floor area respectively.
Tender exercise for the shophouses will close 8 March.
Nikki De Guzman, Editor at CommercialGuru wrote this story. To contact her about this or other stories emailnikki@propertyguru.com.sg
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