SINGAPORE (EDGEPROP) - A four-storey freehold commercial development along Joo Chiat Road has been put up for sale via expression of interest, with an indicative price of $50 million. CBRE and Savills are joint exclusive marketing agents for the property.

See also: Freehold commercial building at 143 East Coast Road for $23.5 mil

The property is located in the East Coast-Joo Chiat enclave with a 16.5m frontage, a land area of about 5,708 sq ft and a floor area of 24,714 sq ft. It is zoned for commercial use with a plot ratio of 3.0. The ground floor is approved for permanent restaurant use. Levels two and three are approved for use as function rooms. Level four is used for offices, and the attic is an ancillary resting area for staff. (Find Singapore commercial properties with our commercial directory)

The property is currently fully tenanted. It is eligible for foreign purchase with no additional buyer’s stamp duty or seller’s stamp duty levied.

The development presents a rare opportunity for investors, as “there are only a handful of freehold commercial development clusters in the suburbs”, notes Michael Tay, head of capital markets at CBRE Singapore.

Located within a bustling historic district with a predominantly affluent residential enclave, the development is well-positioned to reap the spillover benefits from the recent rejuvenation of i12 Katong, connectivity to major roads (including the East Coast Parkway), and the upcoming completion of Marine Parade MRT Station (along the Thomson-East Coast Line) in 2024.

There has been “strong interest” for freehold commercial properties in the East Coast-Joo Chiat area, observes Yap Hui Yee, Savills’ senior director of investments sales and capital markets. Savills brokered the sale of a freehold shophouse block at 201 Joo Chiat Road last December for $31.5 million.

The expression of interest exercise will close on May 12 at 3pm.

Check out the latest listings near Joo Chiat Complex, Marine Parade MRT Station