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Joo Chiat's JK Centre up for sale at indicative price of S$34m
A CORNER commercial development located at Joo Chiat Road and Koon Seng Road is up for sale via tender at an indicative price of S$34 million.
This translates to S$1,627 per square foot (sq ft) on an estimated gross floor area of 20,895 sq ft, exclusive marketing agent JLL said on Tuesday.
Called JK Centre, the freehold 8,491 sq ft development is a part two-storey, part five-storey property completed around 2011. It is zoned "Commercial" and is within the Joo Chiat conservation area under the Master Plan 2019.
It is currently being held under a single title, although it was granted provisional strata subdivision approval in 2013.
The building has a supermarket on the ground floor, retail units on the second floor and office units on the third to fifth floors. It also boasts a prominent corner location with double frontages. In addition, JK Centre is near co-living and co-working spaces, namely Hmlet and Spaces.
JLL executive director of capital markets Tan Hong Boon said this is a rare opportunity for investors to own a flagship building with excellent visibility and naming rights.
There is no additional buyer's stamp duty payable on the property and there are no foreign ownership restrictions as well.
There is also potential for investors to capitalise on more intensive leasing activities and/or higher-value uses to enjoy a higher rental and capital upside, Mr Tan added.
"Investors may consider holding the property long term to enjoy stable rental income, followed by subsequent strata subdivision and sale to end-users and investors as a potential exit strategy," he said.
The tender for JK Centre will close on Apr 15 at 3pm.