SINGAPORE (EDGEPROP) - A freehold three-storey conserved shophouse on 350 Joo Chiat Road, in District 15, has been put up for sale by expression of interest at a guide price of $10.5 million. In a press release on Jan 3, exclusive marketing agent PropNex Shophouse Elites said the property occupies a land area of about 1,869 sq ft and an estimated gross floor area of 3,635 sq ft. This translates to about $2,889 psf.

The shophouse has a plot ratio of 3.0 and is located within the Joo Chiat Secondary Settlement Conservation Area.

Currently, the ground floor of the property is tenanted to F&B Tiger Lily Patisserie Cafe and Bakery, while the second and third floors are used as an office. No additional buyer’s stamp duty or seller’s stamp duty is payable.

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The property is accessible via the Marine Parade MRT Station and is surrounded by popular landmarks such as Dunman Food Centre, Geylang Serai Market and Joo Chiat Complex. According to marketing agents Richard Tan and Lisa Tan of PropNex Shophouses Elites, the property’s close proximity to these places ensures high foot traffic.

“Commercial conservation shophouses, particularly those in prime central locations such as Joo Chiat, are constantly sought after by investors, including private real estate funds, family offices and high-net-worth individuals,” says Richard Tan.

The expression of interest exercise closes on Jan 30.