Joo Chiat freehold shophouse block sold for S$16.8m

Singapore

A FREEHOLD shophouse block comprising five units along Joo Chiat Road has been sold for S$16.8 million. The price works out to S$1,357 per square foot based on the lettable area of 12,382 sq ft.

The site is zoned for commercial use within the Joo Chiat Conservation Area, a secondary settlement. The front of the building has two storeys and an attic - and this part of the building has to be conserved. However, the rear portion, which is four storeys high, can be torn down and rebuilt up to five storeys.