Five adjoining freehold conservation shophouses located on Joo Chiat Road are up for sale via an expression of interest (EOI), according to exclusive marketing agent Brilliance Capital. The properties have an asking price of $59.8 million, or approximately $11.96 million for each shophouse. The shophouses can be bought collectively or individually.

The shophouses were previously put up for sale through an EOI in January 2023 with a guide price of $62 million, or about $12.4 million per shophouse. The current lower asking price represents a $2.2 million (3.5%) reduction from the initial price, or about $440,000 lower for each shophouse.

The shophouses, located at 185,187,189,191 and 193 Joo Chiat Road each comprise a two-storey front and attic and a three-storey rear extension. Together, the properties have a total gross floor area (GFA) of approximately 14,647 sq ft. Based on the GFA, the asking price of $59.8 million works out to $4,083 psf.

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The five shophouses collectively span a total land area of around 6,185 sq ft across five individual freehold titles. The properties are zoned as Commercial sites with a plot ratio of 3.0 under the URA Master Plan 2019.

According to Brilliance Capital, the rear of the shophouses could potentially be extended to five storeys. Subject to the approval of relevant authorities, the extension could maximise the allowable GFA to 18,553 sq ft.

The properties sit on dual road frontages spanning around 70 metres along Joo Chiat Road and Joo Chiat Lane, and are located near street and public parking.

The shophouses are within walking distance of 12 Katong Mall, and a five-minute drive to the East Coast Parkway. Other nearby lifestyle hubs include Parkway Parade, Paya Lebar Quarter and Kinex Mall.

Currently, the ground-floor units are fully leased to Food and Beverage (F&B) operators and lifestyle brands, which are generating steady rental yields, says Brilliance Capital, with four of the five units holding Restaurant Use approvals.

Additionally, the properties are not subject to Additional Buyer’s Stamp Duty (ABSD) or Seller’s  Stamp Duty (SSD).

Read also: Three adjoining Jalan Besar shophouses for sale at $44 mil

Sammi Lim, founder and executive director of Brilliance Capital, says the offering presents a rare opportunity to acquire a “highly coveted corner plot”.

“Future owners can capitalize on the potential for prominent signages and naming rights,  ensuring strong visibility and creating a unique identity for their businesses. With their strategic  positioning, strong tenant profile, and redevelopment potential, these shophouses offer an exceptional  value proposition for investors, developers, and end-users alike,” she adds.

The EOI exercise closes on March 25 at 3pm.