Another great opportunity for investors. Six adjacent shophouses located along the Joo Chiat Road are up for sale.
CBRE, the marketing agent for this sale has launched the 3-storey shophouses in a single row in a public tender.
The conservation shophouse 454, 456, 458, 460, 462, and 464 Joo Chiat Road is being sold in a bundle.
Together these shophouse sit on 7,400 square feet plot and have 13,000 square feet of built-up area.
As per the Draft Master Plan 2019 by Urban Redevelopment Authority, the site for these shophouses have been zoned commercial and have 3.0 plot ratio.
This would offer the buyer an opportunity to extend the gross floor area (GFA) around the 22,200 sq ft mark.
According to the CBRE, the buyer could earn healthy rental income from the commercial property using the current gross floor area or can add to its value by exploring redevelopment to maximum permissible gross floor area after receiving necessary approvals from the authorities.
The buyer also has the option to use this space for self-occupation or cater or make it more attractive for the tenants.
The public tender for these shophouses shall close on August 30 at 3:00 PM.
Yap Hui Yee, Associate Director of Capital Markets at CBRE stated that the real estate service firm is expecting good response for this tender. He added that the sale offer is rare given that six adjacent shophouse are available
The attractive site also has approval for F&B outlet that currently operates from the premises.
He added that the location is strategic and can be put to good use by the buyer. Sinpopo the home-grown café brand runs from one of the shophouses.
With the properties being zoned commercial foreign nationals are also eligible to buy these shophouses and no seller’s stamp duty (SSD) or additional buyer’s stamp duty (ABSD) would be imposed on the sale.
Joo Chiat is a vibrant location with several conservation shophouses in the vicinity part of Peranakan heritage. There are several bars, F&B shops and hipster boutiques all around.