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Two individual corner road shophouses with development potential in the heart of Katong/East Coast have been put up for sale, marketing agent CBRE announced in a press release on Monday (17 October).
The sale for 162 Joo Chiat Road will be conducted through an expression of interest (EOI) exercise, while that for 252 Joo Chiat Road (pictured) will be conducted via a public tender exercise.
Configured with rectangular site layout, both freehold Joo Chiat shophouses are zoned for commercial use under the 2014 Master Plan within the Joo Chiat conservation area. The properties come with a plot ratio of 3.0.
162 Joo Chiat Road is a two-storey with attic shophouse that comes with a three-storey rear extension. Located at the junction of Crane Road and Joo Chiat Road, the shophouse has a land area of around 1,674 sq ft. Its current gross floor area is around 3,494 sq ft but has maximum gross floor area of up to 5,021 sq ft.
Corner shophouse at162 Joo Chiat Road. (Source: CBRE)
Meanwhile, 252 Joo Chiat Road is a two-storey conservation shophouse with a new rear extension that can be redeveloped. Situated at the junction of Ceylon Lane and Joo Chiat Road, the site has a land area of around 2,207 sq ft with a current gross floor area of around 3,098 sq ft. According to CBRE, the property has a potential maximum gross floor area of 6,620 sq ft.
“By conserving the front facade of the shophouses, new extensions within the conservation guidelines are permitted up to a building height of five-storeys,” said CBRE.
CBRE director for investment properties Sammi Lim noted that buyers have the option to acquire the properties separately.
“162 Joo Chiat Road which is being offered on a vacant possession basis will provide the buyer an immediate opportunity to explore various options for the Property and definitely ideal for an end-user buyer,” she said.
“252 Joo Chiat Road is being offered to the market with the option to either purchase based on a leaseback structure or on a vacant possession basis, which provides for full flexibility to the buyer. Both properties with its’ different options and attractive expected rental return make them very compelling value propositions purchases in the current market.”
CBRE noted that buyers of the properties will not be affected by additional buyer’s stamp duty and seller’s stamp duty, given their full commercial zoning.
The EOI exercise for 162 Joo Chiat Road will close on 29 November, while the public tender exercise for 252 Joo Chiat Road will close on 23 November.
Nikki De Guzman, Editor at PropertyGuru, wrote this story. To contact her about this and other stories, email nikki@propertyguru.com.sg.