SINGAPORE (EDGEPROP) - A freehold shophouse at 275 Joo Chiat Road in District 15 is up for sale at a guide price of $9.2 million. The price works out to $2,946 psf on the estimated gross floor area of 3,122 sq ft.

The shophouse has a land area of approximately 1,233 sq ft. It is currently undergoing a $2 million refurbishment, including the addition of a four-storey rear extension and the installation of a mechanical lift. Construction is expected to be completed by 3Q2023.

According to Tyson Yuk of PropNex Shophouse Elites who is marketing the property, the guide price represents a $1.1 million discount to its latest valuation of $10.3 million as of April 14. The seller has decided to maintain the property’s guide price of $9.2 million, which was set prior to the independent valuation, until the temporary occupation permit (TOP) is received for the shophouse. The TOP is expected at around July to September.

"The below-valuation pricing of the shophouse presents a rare opportunity in a location like Joo Chiat, which is expected to continue gaining traction due to the limited supply of shophouses for sale and strong demand from shophouse investors in this area,” says Yuk. He adds that the property’s value will likely be higher once the refurbishments are completed.

The shophouse is located about a 10-minute walk away from the upcoming Marine Parade MRT Station on the Thomson-East Coast Line. Yuk adds that the property is surrounded by popular attractions such as Dunman Food Centre, Geylang Serai Market, Joo Chiat Complex, Katong Village and Sheng Siong Hypermarket.

As the property is fully-zoned for commercial use, it is exempt from additional buyer’s stamp duty and can be purchased by foreigners.  (Find Singapore commercial properties with our commercial directory)

The sale of the shophouse is conducted via an expression of interest exercise. It will close on May 5 at 12 noon.

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