Nine adjoining shophouses at Joo Chiat Place going for $33.9 mil

By
/ EdgeProp Singapore
|
February 11, 2021 5:29 PM SGT
SINGAPORE (EDGEPROP) - A row of nine conservation shophouses at 30 to 46 Joo Chiat Place is on the market for $33.9 million. The freehold properties are under a single strata title and will be offered in an Expression of Interest exercise (EOI) by Huttons Asia. The properties are jointly marketed by Huttons Asia and Sotheby’s International Realty.
“This sale represents a rare opportunity to acquire a row of nine adjoining freehold conservation shophouses in the Joo Chiat area,” says Rudy Tedja, Associate Group District Director at Huttons Asia.
The nine shophouses occupy a land area of 13,996 sq ft, thus the indicative price translates to about $2,422 psf on the land area. The land is zoned ‘residential with commercial on the 1st storey’ under the 2019 Master Plan. The maximum plot ratio is 3.0.
ADVERTISEMENT
nine adjoining shophouses - EDGEPROP SINGAPORE
The nine adjoining shophouses enjoy double street frontage along Joo Chiat Place and Tembeling Road. (Picture: Huttons Asia)
The ground floor space of these shophouses is currently leased to long-standing tenants such as Guan Hoe Soon Restaurant, Yu Kee Duck Rice, Temptations Confectionary, and Rehab Alliance.
According to Simon Monteiro, senior associate marketing director at Sotheby’s International Realty, the shophouses offer excellent street visibility with double frontages along Joo Ciat Place and Tembeling Road.
The properties could also be used to accommodate boutique family offices, co-working spaces, service residences, co-living apartments, and medical clinics, subject to approvals.
The new owner could also build a five-storey extension at the rear of the shophouses, says Huttons Asia, adding that ABSD remission is available, subject to conditions.
ADVERTISEMENT
Check out the latest listings near Joo Chiat Place, Tembeling Road