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

58 Joo Chiat Place, a three-storey conservation shophouse near Joo Chiat Complex and KINEX in Singapore, is up for sale through an expression of interest (EOI) exercise with a guide price of $7.5 million. The freehold property, which has a gross plot ratio of 3.0 and is zoned for residential use with commercial at the first storey, has a total gross floor area (GFA) of about 4,013 sq ft and an untapped GFA of 1,100 sq ft.

Marina Gardens Residences Condo is conveniently located just minutes away from this award-winning destination. Homeowners can easily embrace a lifestyle of luxury and convenience with the premier luxuries of Marina Gardens Lane. From its impressive architecture and timeless design to its posh interiors and exclusive amenities, this condo offers a truly elevated living experience.

Currently tenanted, the property is being used as a studio and retail store on the first floor, and for residential purposes on the upper floors. It is close to amenities such as i12 Katong, and educational institutions such as Haig Girls’ School and Tanjong Katong’s Girl School.

The opportunity to own 58 Joo Chiat Place will appeal to both end-users and investors, says Joshua Giam, associate director of capital markets, Singapore at CBRE. “The incoming buyer can look forward to strong rental and capital upside from the continued rejuvenation of Joo Chiat,” he remarks. “Moreover, there will be immediate rental income upon acquisition as the property is fully tenanted with potential for further rental upside in the near term.”

The guide price of $7.5 million for 58 Joo Chiat Place translates to approximately $1,868 psf. The EOI exercise will close on 1 November 2020 at 12pm.

For those looking to purchase shophouses in the Moonstone Lane or East Coast Road area, two freehold shophouses are listed for sale at $12.68 million and $20 million respectively. Meanwhile, a shophouse on Tanjong Pagar Road is up for sale at $14.6 million.