SINGAPORE (EDGEPROP) - A freehold shophouse at 452 Joo Chiat Road is available for $4.5 million, which translates to $2,140 psf on the existing built-up area of 2,100 sq ft. The property will be sold in an expression of interest (EOI) exercise, announced CBRE, the marketing agent.
The conservation shophouse is in the Joo Chiat Secondary Settlement Conservation Area with a 5m road frontage along Joo Chiat Road. The property sits on a 1,100 sq ft plot that is zoned “commercial” with a plot ratio of 3.0 under the 2019 Master Plan. The plot has a maximum allowable gross floor area of about 3,200 sq ft, subject to approval.
The shophouse at 452 Joo Chiat Road will be sold with full tenancy. (Credit: CBRE)
The property is fully tenanted providing immediate rental income, says Clemence Lee, senior director of capital markets at CBRE, adding that maximising the plot ratio through addition and alteration work will increase the property’s appeal to command higher rents and price.
The area is close to several residential estates around Marine Parade, as well as other commercial developments such as 112 Katong, Katong Point, and Parkway Parade. The shophouse is also close to the upcoming Marine Parade MRT Station on the Thomson-East Coast Line, set to be completed in 2023.
“At a quantum of S$4.5 million, we expect interest for this unique and palatable asset to be well-received,” says Lee. No additional buyer’s stamp duty or seller’s stamp duty is imposed for local or foreign buyers.
The EOI exercise closes on 18 March.
Read also: