SINGAPORE: Five adjoining freehold conservation shophouses on Joo Chiat Road are up for sale for S$59.8 million or about S$11.96 million each through an expression of interest (EOI), according to exclusive marketing agent Brilliance Capital.
According to EdgeProp Singapore, the shophouses were previously priced at S$62 million in January 2023, or about S$12.4 million each, making them S$440,000 cheaper per unit now. The properties, available for purchase individually or as a group, are open for EOI submissions until March 25 at 3 pm.
Located at 185, 187, 189, 191, and 193 Joo Chiat Road, they have a combined gross floor area (GFA) of 14,647 square foot (sq ft), which translates to about S$4,083 per sq ft, and a total land area of 6,185 sq ft.
Each shophouse has a two-storey front with an attic and a three-storey rear extension. They are zoned as commercial sites under the URA Master Plan 2019, with a plot ratio of 3.0. Brilliance Capital noted that the rear of the shophouses could be extended to five storeys, subject to approval, bringing the total GFA to 18,553 sq ft.
The properties, with frontages along Joo Chiat Road and Joo Chiat Lane, are located near street and public parking. They are close to 12 Katong Mall, a five-minute drive from the East Coast Parkway, and also near Parkway Parade, Paya Lebar Quarter, and Kinex Mall.
Brilliance Capital said all ground-floor units are rented to food and beverage (F&B) and lifestyle businesses, bringing steady rental income. Four units also have Restaurant Use approvals. In addition, the five units are not subject to Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD).
Sammi Lim, founder and executive director of Brilliance Capital, called the properties a “highly coveted corner plot”, noting that future owners could capitalise on the potential for prominent signages and naming rights, increasing business visibility. /TISG