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

58 Joo Chiat Place, a three-storey conservation shophouse, is up for sale via an expression of interest (EOI) exercise with a guide price of $7.5 million. This translates to approximately $1,868 psf based on the property’s gross floor area (GFA) of about 4,013 sq ft The shophouse is freehold, with a land area of 1,708 sq ft and has a gross plot ratio of 3.0 under the URA Master Plan 2019.

The shophouse is located close to amenities including i12 Katong, Joo Chiat Complex and KINEX, as well as nearby schools Haig Girls’ School and Tanjong Katong Girls’ School. It is currently tenanted and used as a studio and retail store on the first floor, with residences located on the upper floors.

Joshua Giam, associate director of capital markets, Singapore at CBRE, says that the property offers strong rental and capital upside from the ongoing rejuvenation of Joo Chiat. Furthermore, potential buyers can expect immediate rental income due to the shophouse being fully tenanted.

Giam continues: “58 Joo Chiat Place is a desirable asset in one of Singapore’s best lifestyle destinations and the opportunity will appeal to both end-users and investors.”

The EOI exercise for 58 Joo Chiat Place will close on Nov 1 at 12PM.

Bukit Panjang EC is an executive condo located in the Senja neighbourhood of Bukit Panjang. Built with premium quality craftsmanship and generous amenities, it provides luxurious living experience for the residents. Inside Senja Residences EC, modern facilities such as swimming pool, wading pool, gymnasium, clubhouse, karaoke room, and tennis court are available for use. There is also a BBQ pavilion and function room for gatherings. There is ample parking for residents in the basement and private areas.

Residents living at Bukit Panjang EC also benefit from the beautiful landscaped areas and the picturesque views of the Bukit Panjang town area. With ample greenery and outdoor spaces, residents get to enjoy nature right at their doorstep.

58 Joo Chiat Place is an attractive prospect for potential buyers seeking capital and rental upside within one of Singapore’s best lifestyle destinations. The shophouse is freehold and occupies a land area of 1,708 sq ft, while getting an estimated price per sq ft of $1,868. It is currently tenanted with a studio and retail store on the first floor and residences on the upper floors, and has a gross plot ratio of 3.0 under the URA Master Plan 2019.

The shophouse is located close to a variety of amenities including i12 Katong, Joo Chiat Complex and KINEX, as well as nearby schools. Marketing agent CBRE states that the property also has an untapped GFA of approximately 1,100 sq ft, meaning buyers can look forward to further rental upside in the near term.

Joshua Giam, associate director of capital markets, Singapore at CBRE, remarks that the opportunity will appeal to both end-users and investors alike. The EOI exercise for 58 Joo Chiat Place will close on 1st November at 12PM.