Freehold commercial development at Joo Chiat up for sale at S$18-20m

A FREEHOLD commercial development along Joo Chiat Road, which is owned by a single owner, has been put up for sale for S$18-20 million by expression of interest.

The indicative price range works out to S$969-1,077 per square foot (psf) over the gross floor area (GFA), said marketing agent Knight Frank.

"The price range is very reasonable, in view of a comparable four-storey building at 381 Joo Chiat Road, which transacted for S$27 million or S$1,093 psf based on GFA this month," said Mary Sai, executive director of investment and capital markets at Knight Frank Singapore.

"Investors can look forward to re-positioning the existing tenant mix while owner-occupiers can explore the opportunity to building naming and signage rights."

The property has a site area of 4,686 sq ft and GFA of 18,571 sq ft, and comes with a lift and fully automated mechanical car park for nine cars.

Under the 2014 Master Plan, the property is zoned "commercial" with a permissible gross plot ratio of 3.0. It is currently tenanted to a single corporation.