SINGAPORE (EDGEPROP) - Five freehold, adjoining conservation shophouses located along Joo Chiat Road are up for sale via an expression of interest (EOI) exercise with a guide price of $62 million, which translates to about $12.4 million for each shophouse. The properties are to be sold on a collective basis.

The properties, located at 185,187,189,191,193 Joo Chiat Road, are two-storey with attic shophouses that have a three-storey rear extension. They have an estimated existing floor area of 14,647 sq ft. Based on this, the guide price works out to $4,233 psf.

Read also: Conservation shophouse at Joo Chiat Road on the market for $7 mil

The shophouses are located at the corner of Joo Chiat Road and Joo Chiat Lane, with a frontage spanning 70m. They sit on five individual land titles with a combined land area of 6,185 sq ft that is zoned for commercial use with a plot ratio of 3.0

According to marketing agent Savills Singapore, four of the five shophouses have "restaurant" approvals for the ground floor. "Considering that URA no longer permits new eating houses in East Coast / Joo Chiat, the assets’ F&B approvals on the ground floor units present a highly attractive opportunity for restaurant operators," the consultant says in a Jan 11 press release.

Savills adds that the shophouses have the potential for further expansion, including a rear extension of up to five storeys. The maximum allowable gross floor area allowed for the site totals 18,555 sq ft, based on the approved plot ratio.

“Following Savills’ recent successful sale of 381 Joo Chiat Road for $42 million in 3Q2022 and the neighbouring 201 Joo Chiat Road for $31.5 million in 4Q2021, we have been receiving strong interest for freehold commercial properties in the East Coast / Joo Chiat area," says Yap Hui Yee, senior director, investment sales & capital markets at Savills Singapore. (Find Singapore commercial properties with our commercial directory)

She adds: "Purchasers can explore to undertake asset enhancement initiatives to restore the space and unlock the capital value. The shophouses are poised to benefit from the vibrancy and increasing population catchment in the East Coast and Dunman precinct."

The EOI exercise closes on Feb 17 at 3pm.

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