Bookmark & Share
The nine adjoining freehold shophouses occupy a land area of 13,996 sq ft, which works out to around $2,422 per sq ft. Image: Huttons Asia and Sotheby’s International Realty
A row of nine conservation shophouses located at 30 to 46 Joo Chiat Place is up for sale via expression of interest (EOI) with an indicative price of $33.9 million or around $2,422 per sq ft (psf) on the land area, revealed marketing agents Huttons Asia and Sotheby’s International Realty.
Zoned for commercial use on the first level and residential use on the second level, the nine adjoining freehold shophouses occupy a land area of 13,996 sq ft and comes with a maximum plot ratio of 3.0.
The first level is currently occupied by long standing tenants such as Yu Kee Duck Rice, Guan Hoe Soon Restaurant, Rehab Alliance and Temptations Confectionery.
The marketing agents noted that the conservation shophouses may also be used as boutique family offices, medical clinics, serviced apartments, co-living and co-working spaces, subject to the authorities’ approval.
Recommended article: Should You Buy a Shophouse in Singapore?
Sotheby’s International Realty Senior Associate Marketing Director Simon Monteiro said the shophouses enjoy double frontages, with one facing Tembeling Road and the other Joo Chiat Place.
They are also near the Paya Lebar iPark and MRT Station.
Huttons Asia Associate Group District Director Rudy Tedja said the sale offers a rare opportunity to purchase a row of nine adjoining freehold shophouses within the Joo Chiat area.
He noted that the $2,422 psf asking price is very attractive versus the $2,800 psf recently achieved for six shophouses at Joo Chiat Place.
Moreover, a five-storey rear extension can be built on the properties, while Additional Buyer’s Stamp Duty (ABSD) remission is available, subject to conditions.
The EOI exercise for the shophouses closes on 31 March.
Looking for a property in Singapore? Visit PropertyGuru’s Listings, Project Reviews and Guides.
Related Articles:
Three-storey shophouses near Outram Park MRT on sale for $33mil