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Joo Chiat conservation shophouse put on market with S$4.5m guide price
A CONSERVATION shophouse at 452 Joo Chiat Road is up for sale in the market with an indicative price of S$4.5 million, marketing agent CBRE said on Tuesday.
The guide price translates to about S$2,140 per square foot on the existing built-up area of 2,100 square feet (sq ft).
The two-storey shophouse sits on a freehold site of about 1,100 sq ft.
Located in the Joo Chiat/East Coast enclave, the property has a five-metre road frontage along Joo Chiat Road.
Under the Urban Redevelopment Authority's 2019 Draft Master Plan, the property is zoned "commercial", with a plot ratio of 3.0 within the Joo Chiat Secondary Settlement conservation area. It has a maximum allowable gross floor area of about 3,200 sq ft, subject to approval by the relevant authorities.
Clemence Lee, senior director of capital markets at CBRE, expects interest for this property to be "well-received", on the back of ongoing plans to rejuvenate the neighbourhood, which will aid in increasing footfall to the asset.
He added that as the shophouse is fully tenanted, the buyer will also be provided with an immediate rental income.
"In the near future, the buyer can also consider maximising the plot ratio by carrying out additions and alterations works that will then further increase the asset's appeal to command higher rents and price," said Mr Lee.
There will be no additional buyer's stamp duty or seller's stamp duty imposed on local or foreign buyers.
Commercial developments in the vicinity include I12 Katong, Katong Point and Parkway Parade, and the shophouse is accessible via East Coast Parkway, as well as the upcoming Marine Parade MRT station, slated to be completed by 2023.
The sale of 452 Joo Chiat Road is via an expression of interest exercise, and interested parties are invited to submit their offers by 3pm on March 18.