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At 2.5 storeys high, the freehold residentials occupy a 900 sq ft site with a built-up area of 2,100 sq ft. Buyers comprise mainly of young Singaporean couples. Image: Google Street View
Six shophouses at Joo Chiat Place were recently sold from $2.65 million to $2.72 million, with buyers comprising mainly young Singaporean couples, reported The Business Times (BT).
Of these, four of the two-bedroom units were shifted in the last eight months, said marketing agent Isabel Redrup Agency, which sealed all six transactions.
At 2.5 storeys high, the freehold residentials occupy a 900 sq ft site with a built-up area of 2,100 sq ft. This brings the units to an average of around $2,800 per sq ft (psf).
The units were sold following refurnishing works by Ong and Ong Architects.
“We are finding a huge market for redone conservation houses,” said Isabel Redrup Agency Managing Director Susan Prior, who brokered the deals.
“Unique features such as floating spiral staircases, ample bedrooms and upmarket design spurred the demand,” she added as quoted by BT.
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Data from the Urban Redevelopment Authority showed that shophouses along Telok Kurau Road, which forms part of District 15, were transacted for around $1,900 psf over the last two years.
“We are finding that demand exceeds supply for our heritage properties. A recent spate of residential shophouse sales is seeing each sale selling at a higher price than the last,” said Prior.
In Q4 2020 alone, 18 shophouses each priced at over $10 million were transacted at a total value of $288 million, marking the best quarterly sales since the $401.7 million record in Q1 2018, revealed Colliers International.
It brings shophouse investment sales for the entire year to $467 million. It also represents a 16.1% hike from 2019 figures even as overall property investment sales for 2020 fell 16.7% from the previous year, said Colliers.
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