For Sale: 30 to 46 Joo Chiat Place

30 to 46 Joo Chiat Place (Source: Huttons Asia)

A row of nine adjoining freehold, conservation shophouses at 30 to 46 Joo Chiat Place under a single title is available for sale via an Expression of Interest (EOI). The indicative price is S$33.9 million, which translates to about $2,422 psf on the land area.

These nine adjoining shophouses cover a land area of 13,996 sq ft and are zoned for commercial use on the 1st level and residential use on the 2nd level. The maximum plot ratio is 3.0. Currently, long-standing tenants such as Guan Hoe Soon Restaurant, Yu Kee Duck Rice, Temptations Confectionery, and Rehab Alliance occupy the 1st level. Suitable uses include boutique Family Offices, Co-working Spaces, Service Apartments, Co-Living, and Medical Clinics (subject to approval by the authorities).

According to Rudy Tedja, Associate Group District Director at Huttons Asia, this sale represents a rare opportunity to acquire a row of nine adjoining freehold conservation shophouses in the Joo Chiat area. The asking price of $2,422 psf is very attractive compared to the $2,800 psf achieved recently for six shophouses at Joo Chiat Place. Furthermore there is potential to build a 5-storey extension at the rear. ABSD remission is available, subject to conditions.

Simon Monteiro, Senior Associate Marketing Director at Sotheby’s International Realty further adds that the subject properties offer excellent visibility with double frontages: one frontage faces Joo Chiat Place and the other fronts Tembeling Road. Paya Lebar iPark & MRT Station are a short drive away.

Source: URA, Business Times