9 Joo Chiat Place conservation shophouses for sale for S$33.9m
NINE adjoining conservation shophouses at 30 to 46 Joo Chiat Place are up for sale with an indicative price tag of S$33.9 million, said marketing agents Huttons Asia and Sotheby's International Realty.
The row of nine, available via an expression of interest (EOI), covers a land area of 13,996 square feet (sq ft). This works out to about S$2,422 per square foot (psf) on land area.
The shophouses, zoned for commercial use on the first level, and residential use on the second level, has a maximum plot ratio of 3.0.
It is currently occupied by long-standing tenants Guan Hoe Soon Restaurant, Yu Kee Duck Rice, Temptations Confectionery and Rehab Alliance on the first floor.
The property's agents, Rudy Tedja, associate group district director at Huttons Asia, and Simon Monteiro, senior associate marketing director at Sotheby's International Realty, recommended using the space as family offices, co-working spaces, service apartments, co-living and medical clinics. These uses are however subject to approval from the authorities, they added.
The shophouses have a frontage facing Joo Chiat Place, and another front facing Tembeling Road, with Paya Lebar MRT a short drive away.
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Mr Tedja said that there is potential to build a five-storey extension at the rear.
Buyers are also entitled to additional buyer's stamp duty (ABSD) remission, subject to conditions, he added.
Urban Redevelopment Authority data shows that the average price of shophouses transacted along Joo Chiat Road in the past year is approximately S$2,858 psf.
The EOI exercise will close on March 31 at 4pm.
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