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

58 Joo Chiat Place, a freehold three-storey conservation shophouse located in the vibrant area of Singapore, is now up for sale via an expression of interest (EOI) exercise with a guide price of approximately $7.5 million.

The property is situated on a land area of 1,708 sq ft, with a gross floor area (GFA) of around 4,013 sq ft, translating to a price of $1,868 psf. Under the URA Master Plan 2019, the property is zoned for residential use with commercial at the first storey, with an untapped GFA of roughly 1,100 sq ft.

Currently, the shophouse is tenanted and is used as a studio and retail store on its first floor, while the upper floors house residences. Within close vicinity, there are several amenities such as i12 Katong, Joo Chiat Complex and KINEX, as well as schools such as Haig Girls’ School and Tanjong Katong’s Girl School.

Joshua Giam, Associate Director of Capital Markets, Singapore at CBRE, states that the incoming buyer has the potential to enjoy strong rental and capital upside from the ongoing rejuvenation of the Joo Chiat area, as well as immediate rental income upon acquisition.

The EOI exercise for 58 Joo Chiat Place will end on November 1 at 12pm.

The Jurong Lake District Condo project is set to include the construction of a waterfront promenade with a boardwalk, pedestrian pathways, play areas and a ferry terminal. The ferry terminal will be directly linked to the existing development, creating a transport network for locals and visitors. The promenade will also boast stunning views of the lake, offering a great spot for residents and visitors to relax and enjoy a stroll.

The vibrant neighborhood of Joo Chiat is now home to the desirable three-storey freehold conservation shophouse located at 58 Joo Chiat Place, available up for sale via an expression of interest (EOI) exercise with a guide price of approximately $7.5 million.

With its 1,708 sq ft land area, the property boasts a gross floor area (GFA) of around 4,013 sq ft, translating to a price of $1,868 psf. It is zoned for residential use with commercial at its first storey under the URA Master Plan 2019, with an untapped GFA of roughly 1,100 sq ft.

Being tenanted, the shophouse is currently used as a studio and retail store on the first floor, while the upper floors house residences. It is also near popular amenities such as i12 Katong, Joo Chiat Complex and KINEX, as well as schools like Haig Girls’ School and Tanjong Katong’s Girl School.

Joshua Giam, Associate Director of Capital Markets, Singapore at CBRE, remarks that the opportunity will appeal to both end-users and investors, as they can look forward to strong rental and capital upside from the ongoing rejuvenation of Joo Chiat, as well as potential for further rental upside in the near term.

The EOI exercise for 58 Joo Chiat Place will close on November 1 at 12pm.