Six contiguous shophouses in Joo Chiat have been put up for sale with a price tag of $32 million, announced marketing agent CBRE. Located at 454/456/458/460/462/464 Joo Chiat Road, the three-storey conservation shophouses are to be sold as a bundle.
The properties sit on a 7,400 sq ft, freehold plot which boasts a 30-metre road frontage along Joo Chiat Road. They have an existing built-up floor area of 13,000 sq ft, and the site is zoned for commercial use under the 2019 Draft Master Plan. The site has a gross plot ratio of 3.0 and a maximum allowable gross floor area (GFA) of about 22,200 sq ft. The shophouses have F&B approvals on the ground and second floors.
The six shophouses in Joo Chiat have a gross floor area of 13,000 sq ft and are to be sold in a bundle (Picture: CBRE)
The buyer may choose to enjoy the rental income, or add value to the property and fully maximise the allowable GFA. The property is suited for a co-working business, medical or healthcare centre, F&B and lifestyle retailers, or hostel operators, says Yap Hui Yee, associate director of capital markets at CBRE.
“We expect robust interest in this property due to the rarity of a row of six freehold conservation shophouses with existing F&B approvals in a strategic location being made available for sale,” she says.
No additional buyer’s stamp duty or seller’s stamp duty will be imposed on local or foreign buyers. The tender closes on Aug 30.