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

58 Joo Chiat Place, a three-storey conservation shophouse, is on the market through an expression of interest (EOI) exercise with a guide price of $7.5 million. Located in the vibrant Joo Chiat area, the freehold property boasts a land area of 1,708 sq ft and a gross floor area (GFA) of about 4,013 sq ft, giving it a per square foot (psf) cost of $1,868 – translating to good value for potential buyers.

The shophouse boasts a gross plot ratio of 3.0 under the URA Master Plan 2019, which means approximately 1,100 sq ft of untapped GFA potential. Currently tenanted and used as a studio and retail store on the first floor and residences on the upper floors, the property is close to i12 Katong, Joo Chiat Complex, KINEX, Haig Girls’ School, and Tanjong Katong’s Girl School.

Joshua Giam, associate director of capital markets, Singapore at CBRE, remarks that the opportunity will appeal to both end-users and investors. “The incoming buyer can look forward to strong rental and capital upside from the continued rejuvenation of Joo Chiat” he adds, noting that there is also immediate rental income and potential for further rental upside in the near term.

Given its desirable asset in one of Singapore’s best lifestyle destinations, the EOI exercise for 58 Joo Chiat Place will be a great opportunity for potential buyers. It will close on Nov 1 at 12pm.

It is expected that the property will receive a great level of interest due to its prime location and potential for rental and capital upside. With a guide price of $7.5 million, the property has a psf of approximately $1,868 – well worth its potential. Not only is 58 Joo Chiat Place close to a variety of amenities, but the incoming buyer can look forward to strong rental and capital upside from the continued rejuvenation of Joo Chiat.

Furthermore, as the property is currently tenanted, there is immediate rental income upon acquisition with potential for further rental upside in the near term.

For those who prefer to drive, the Central Expressway (CTE) is just a few exits away from Senja Close EC Bukit Panjang. Shopping malls, supermarkets, eateries, medical centres, and more are all within easy reach. You can even find a sports centre nearby complete with a gym and swimming pool.

Senja Residences EC is also close to many reputed educational institutes such as Bukit Panjang Primary and Secondary Schools, Nanyang Polytechnic, and the highly reputable Hwa Chong Institution. Therefore, you can be assured of your children’s future.

Today, Senja Close EC Bukit Panjang remains an extremely desirable place to own a home due to its convenient location, outstanding amenities, and excellent transport links.

The EOI exercise for this desirable asset will close on Nov 1 at 12pm. It promises to be a great opportunity for prospective buyers to purchase a freehold shophouse in one of Singapore’s best lifestyle destinations.