SINGAPORE (EDGEPROP) - A three-storey conservation shophouse at 58 Joo Chiat Place is up for sale through an expression of interest (EOI) exercise with a guide price of $7.5 million. The price translates 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. It is zoned for residential use with commercial at the first storey and has a gross plot ratio of 3.0 under the URA Master Plan 2019. This means the property has an untapped GFA of approximately 1,100 sq ft, says marketing agent CBRE.

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 close to amenities such as i12 Katong, Joo Chiat Complex and KINEX. It is also close to Haig Girls’ School and Tanjong Katong’s Girl School.

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“58 Joo Chiat Place is a desirable asset in one of Singapore’s best lifestyle destinations,” remarks Joshua Giam, associate director of capital markets, Singapore at CBRE. “The opportunity will appeal to both end-users and investors,” he adds.

Giam says the incoming buyer can look forward to strong rental and capital upside from the continued rejuvenation of Joo Chiat. “Moreover, there will be immediate rental income upon acquisition as the property is fully tenanted with potential for further rental upside in the near term,” he continues.

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