Two freehold corner shophouses on Joo Chiat Road up for sale at $16.88 mil

SINGAPORE (EDGEPROP) - Two freehold commercial corner shophouses along Joo Chiat Road have been put up for sale collectively via tender at a guide price of $16.88 million, which translates to $2,523 psf. They are sold with existing tenancies.

Read also: Rare hotel/coffeeshop shophouse in Geylang up for sale

One of the shophouses is a four-storey Peranakan-style one located at 266 Joo Chiat Road, spanning 1,533 sq ft in land area and 4,900 in built-up area. The iconic Koon Seng Road shophouse row is in the vicinity, as well as co-working spots Spaces and Crane Social Club.

The other shophouse is a ground-floor unit located at 463 Joo Chiat Road, measuring 1,820 sq ft. It is currently tenanted to BBQ Weber. The newly reopened i12 Katong mall is nearby.

The Joo Chiat enclave has undergone significant rejuvenation and gentrification in recent years. Well-known local and international cafes and retail brands have popped up, including Awfully Chocolate, PS Cafe, Plain Vanilla, Common Man Coffee Roasters, Lululemon and Tigerlily. The upcoming Marine Parade MRT Station (on the Thomson-East Coast Line), scheduled to be completed in 2024, will be a short walk away to the area.

“We see strong interest from ultra-high-net-worth individuals, family offices and private-equity real estate funds seeking to acquire commercial assets in Katong for their portfolio,” says Loyalle Chin of PropNex Realty, the exclusive marketing agent for the properties.

“Commercial shophouses in popular residential locales with high foot traffic have a resilient demand, especially for those set at an affordable quantum price,” he adds.

Both shophouses are zoned for commercial use under the 2019 URA Master Plan, and foreigners are eligible to purchase without being subjected to additional buyer’s stamp duty or seller’s stamp duty. (Find Singapore commercial properties with our commercial directory)

The expression of interest exercise will close on Sept 8 at 3pm.