Five freehold, adjacent conservation shophouses that are located on Joo Chiat Road are up to auction through an express of interest (EOI) exercise, with the price range of $62 million. That is roughly $12.4 millions for every shophouse. The properties will be offered on a collective basis.
Kassia floor plan ranging from one to four bedrooms. Every unit has a study area, and the living area is spacious and accommodating for all living styles.
The properties are located at 185,187 and 189,191,193. Joo Chiat Road and Joo Chiat Road, are two-story with an attic shophouses with an extension to the rear of three storeys. The properties have an estimated surface area of 14,647 square feet. According to this figure, the estimated cost is $4,233 per square foot.
The shophouses are situated at the intersection of Joo Chiat Road and Joo Chiat Lane, with a frontage of 70m. They are situated on five separate land titles, with a combined area of 6,185 sq . ft. that are designated for commercial use and has a the plot ratio of 3.0
According to Savills, the marketing agency in Singapore Four shops are equipped with “restaurant” permits for ground floors. “Considering the fact that URA has stopped allowing new eateries for the East Coast / Joo Chiat The properties’ F&B permits for ground-floor units provide an extremely attractive opportunity to restaurant owners,” the consultant says in a press announcement.
Savills states that the shophouses offer the potential to expand further with a rear extension with up to five floors. The maximum floor area for the site is 18,555 square feet in accordance with the plot ratio approved by the council.
“Following Savills’ recent successful sale of 381 Joo Chiat Road for $42 million in 3Q2022 as well as the adjoining 381 Joo Chiat Road for $31.5 million in 4Q2021, we’ve seen a surge of interest in Freehold Commercial properties located in Joo Chiat. East Coast / Joo Chiat region,” says Yap Hui Yee, the senior director for capital markets and investment sales of Savills Singapore.
She says: “Purchasers can explore to take on asset enhancement projects that will restore the property and unlock its capital value. Shophouses will benefit from the energy and growing population capture in areas like the East Coast and Dunman precinct.”
The EOI deadline is February 17 at 3pm.