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

58 Joo Chiat Place, a three-storey conservation shophouse is up for sale through an expression of interest (EIO) exercise with a guide price of $7.5 million, translating to approximately $1,868 psf based on the property’s gross floor area (GFA) of about 4,013 sq ft. The freehold shophouse occupies a land area of 1,708 sq ft. and is zoned for residential use with commercial at the first storey.

CBRE, the marketing agent noted that the URA Master Plan 2019 gives the property a gross plot ratio of 3.0 and an untapped GFA of approximately 1,100 sq ft. The shophouse is currently tenanted and used as a studio and retail store on the first floor, while the upper floors house residences.

The property is located close to several amenities such as i12 Katong, Joo Chiat Complex and KINEX, as well as educational institutions such as Haig Girls’ School and Tanjong Katong’s Girls School.

Furthermore, the upcoming Tengah MRT Station is expected to open in 2020, which will exponentially boost accessibility to the rest of the city.

Residents of Lumina Grand EC Bukit Batok can enjoy the convenience of multiple bus services. This upgraded transport network allows people to stay connected to the rest of Singapore and explore all the available amenities with ease. Combined with the upcoming Tengah MRT Station, the development is now better served, allowing residents to leave home without having to worry about the time taken to get to their destination.

Joshua Giam, associate director of capital markets at CBRE described the opportunity as ‘desirable’ and will appeal to both end-users and investors, stating that the incoming buyer can look forward to strong rental and capital upside. He further noted that there will be immediate rental income upon acquisition, as the property is currently fully tenanted with potential for further rental upside in the near term.

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

A shophouse located at 58 Joo Chiat Place is up for sale with a guide price of $7.5 million, approximately $1,868 psf based on its GFA of 4,013 sq ft. The freehold shophouse spans over an area of 1,708 sq fts and is zoned for residential use with commercial at the first storey.

Located close to numerous amenities and educational institutions, the shophouse is an ideal opportunity for both end-users and investors. It is currently tenanted and used as a studio and retail store on the first floor, while the upper floors house residences.

Joshua Giam, associate director of capital markets at CBRE, described the property as a ‘desirable asset in one of Singapore’s best lifestyle destinations’ and highlighted the potential for strong rental and capital upside from the continued rejuvenation of Joo Chiat. He further noted that there will be immediate rental income upon acquisition, with the potential for further rental upside in the near term.

The URA Master Plan 2019 notes the property for a gross plot ratio of 3.0, with an untapped GFA of approximately 1,100 sq ft. The EOI exercise for 58 Joo Chiat Place will close on Nov 1 at 12pm.