Joo Chiat freehold shophouse block sold for S$16.8m
A company linked to OCBC's Lee family selling the asset to a property fund manager
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Kalpana Rashiwala
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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.
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