Three-storey shophouse at Joo Chiat Place for sale at $7.5 mil

Freehold shophouse at East Coast Road put up for sale with $12 mil guideCBRE’s Giam notes that this is the first time a fully tenanted conservation shophouse has been released for sale in the Joo Chiat area in the past two years.58 Joo Chiat Place is being offered for sale through an expression of interest exercise with a guide price of $7.5 million. The property, zoned for residential use with commercial at the first storey, occupies a freehold land area of 1,708 sq ft and has a gross floor area of about 4,013 sq ft. It also has an untapped gross plot ratio of 3.0 under the URA Master Plan 2019.

With a guide price of approximately $1,868 psf, 58 Joo Chiat Place is a desirable asset in one of Singapore’s best lifestyle destinations. It boasts strong rental and capital upside from the rejuvenation of Joo Chiat as well as immediate rental income upon acquisition as the property is already tenanted. The opportunity to acquire this fully-tenanted conservation shophouse is a rare one in the area and is likely to appeal to both end-users and investors alike.

Located close to amenities such as i12 Katong, Joo Chiat Complex and KINEX, the property is also within proximity to Haig Girls’ School and Tanjong Katong’s Girl School. The current units are used as a studio and retail store on the first floor and residences on the upper floors.

Marina Gardens Lane Condo will be highly sought after due to its excellent location and facilities. It is within minutes of the bustling city centre, and residents here will enjoy the convenience of having supermarkets, shops, banks, eateries, and other amenities within easy reach. The upcoming development is surrounded by parklands and greenery, making it a perfect destination for those looking for a peaceful place to call home. Amenities within the development include a swimming pool, gym, yoga room, and other recreational facilities.

Residents of Marina Gardens Lane Condo will enjoy panoramic views of Singapore’s skyline, as well as an array of excellent facilities at their fingertips. The development’s easy access to the city centre allows for a seamless connection to work and play within the city. Moving into Marina Gardens Residences is a great opportunity for homebuyers to own a piece of their dream home in the heart of a bustling city.

Marina Gardens Lane Condo promises quality living in an excellent location, with extraordinary facilities, and easy access to the city centre. The highly anticipated development is set to open for occupancy by early 2022.

Joshua Giam, Associate Director of Capital Markets, Singapore at CBRE, states: “58 Joo Chiat Place offers potential for further rental upside in the near term. This is the first time a fully-tenanted conservation shophouse has been released for sale in the Joo Chiat area in the past two years.”

The Expression of Interest exercise for 58 Joo Chiat Place will close on Thursday, 1st November at 12pm. Interested parties should act soon in order to take advantage of this rare opportunity.