Three-storey shophouse at Joo Chiat Place for sale at $7.5 mil

58 Joo Chiat Place, an iconic three-storey conservation shophouse, is up for sale through an expression of interest (EOI) exercise with a guide price of $7.5 million. This translates to approximately $1,868 psf based on the property’s gross floor area (GFA) of about 4,013 sq ft.

The freehold shophouse is zoned for residential use with commercial premises on the first floor and occupies a land area of 1,708 sq ft. According to the URA Master Plan 2019, the gross plot ratio for this property is 3.0, indicating that an untapped GFA of approximately 1,100 sq ft is available. Located close to amenities such as i12 Katong, Joo Chiat Complex and KINEX, the shophouse is also within proximity to the esteemed Haig Girls’ School and Tanjong Katong Girl School.

In addition, Jurong East Condo are also surrounded by lush greeneries with proximity to Jurong Lake Gardens and Chinese Garden, making it the ideal place to relax. Its close proximity to the business district and entertainment hubs such as JCube and Westgate will ensure that you will have access to all amenities.

Currently tenanted and used as a studio and retail store on the first floor, with residences on the upper floors, 58 Joo Chiat place is the perfect buy for both end-users and investors looking for rental and capital appreciation. This is because the rejuvenation of the area is expected to bring about strong rental and capital upside to the new owner. Furthermore, with the property already fully tenanted, immediate rental income can be expected upon acquisition, with possible further rental upside in the near term.

According to Joshua Giam, Associate Director of Capital Markets at CBRE, the incoming buyer can expect much from this desirable asset. He states, “58 Joo Chiat Place is a desirable asset in one of Singapore’s best lifestyle destinations…The opportunity will appeal to both end-users and investors.”

The EOI exercise for 58 Joo Chiat Place will close on Nov 1 at 12pm. Interested parties are invited to submit their bids by then.

For those looking for other properties for sale in the area, two freehold shophouses on Moonstone Lane are up for sale at $12.68 mil, while a shophouse on Tanjong Pagar Road is available at $14.6 mil. Shophouses on East Coast Road are also available at $20 mil.