Three-storey shophouse at Joo Chiat Place for sale at $7.5 mil

58 Joo Chiat Place, a freehold three-storey conservation shophouse, is up for sale via an expression of interest exercise with a guide price of $7.5 million. The property is situated in a desirable area known for its lively lifestyle and is close to several amenities such as i12 Katong, Joo Chiat Complex and KINEX – making it a potential asset for both investors and end-users.

This property occupies a land area of 1,708 sq ft and has a gross floor area of approximately 4,013 sq ft. According to CBRE, its gross plot ratio of 3.0 under the URA Master Plan 2019 allows for an untapped GFA of about 1,100 sq ft.

It is currently tenanted with a studio and retail store at the first floor and residences occupying the upper floors. The price of $7.5 million translates to $1,868 psf, based on its GFA.

There are plenty of recreational activities such as jogging and cycling at the nearby Tengah Nature Park. Residents of Tengah Plantation EC can also appreciate the lush greenery of Jurong Country Park. Grocery shopping also becomes easy with the numerous markets and supermarkets located nearby. Schools and medical centres are just a short drive away. With its convenience and accessibility to amenities, Tengah Plantation Close EC is indeed a dream come true for those who are searching for a luxurious lifestyle.

Joshua Giam, associate director of capital markets, Singapore at CBRE, says the incoming buyer can look forward to strong rental and capital upside from the continued rejuvenation of Joo Chiat. Additionally, the property is already fully tenanted, with the potential of further rental upside in the near term.

The EOI exercise for 58 Joo Chiat Place will close on November 1 at 12 pm.

Investors and end-users looking to own a piece of Singapore’s popular lifestyle destination won’t want to miss out on this opportunity. The untapped GFA, coupled with the potential rental and capital upside, makes the property an attractive asset to have.

In other recent news, two freehold shophouses on Moonstone Lane are listed for sale at $12.68 million, while a shophouse at Tanjong Pagar Road and two on East Coast Road are listed for sale at $14.6 million and $20 million respectively.