The shophouse has a land area of 949 sq ft that is zoned for commercial use (Picture: Shophouse Collective/PropNex Realty)
SINGAPORE (EDGEPROP) - A conservation shophouse along Joo Chiat Road in District 15 is on the market via an expression of interest exercise at a guide price of $7 million. The shophouse has a land area of 949 sq ft that is zoned for commercial use and has a gross plot ratio of 3.0, which translates to a maximum gross floor area of 2,849 sq ft. (Find Singapore commercial properties with our commercial directory)
Shophouse Collective, a division under PropNex Realty that's marketing the property, says the building has undergone extensive addition and alteration works. An attic and a three-storey rear extension consisting of a shop on the first floor and three offices on the upper floors were added to the property. The certificate of statutory completion was obtained in May 2015.
The ground floor of the shophouse is approved for retail use, while the upper floors are used as offices. The property’s staircase is located on the outside, which Shophouse Collective says will allow the buyer to rent out the property to three separate tenants.
Currently, the property is rented to a podiatry clinic on the ground floor and two separate SME tenants on the second and third floors. Shophouse Collective's Lukas Teo says Joo Chiat Road shophouses are expected to continue gaining traction due to the low supply of shophouses available for sale and healthy demand from shophouse investors in this location.
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