reporter2
20-07-22, 11:14
Two Joo Chiat Road shophouses up for joint sale at S$16.88m guide price
Jul 13, 2022
TWO freehold commercial shophouses along Katong’s Joo Chiat Road have been put up for sale with an indicative guide price of S$16.88 million, announced their exclusive marketing agent in a Tuesday (Jul 12) press release.
The first shophouse, a 4-storey property on 266 Joo Chiat Road, sits on a prominent corner freehold site, consisting of a land area of 1,533 sq ft with a floor area of about 4,900 sq ft. The second site, 463 Joo Chiat Road, is a ground floor corner commercial unit with an area of about 1,820 sq ft.
The agent, PropNex Realty’s Loyalle Chin, said that both properties are concurrently sold together with existing tenancies. The guide price translates to approximately $2,523 per square foot (psf) of floor area.
The 266 Joo Chiat Road property is located near the iconic row of colourful Koon Seng Road shophouses and co-working spaces such as Spaces and Crane Social Club, while the 463 Joo Chiat Road unit is close to the high-traffic junction opposite the recently reopened i12 Katong.
Both properties are well-positioned to reap the benefits from the gentrification and rejuvenation of the “highly popular” area, Chin said. Their parking and connectivity are enhanced by the shopping centre and the upcoming Marine Parade MRT station on the Thomson-East Coast line, he added.
Under Urban Redevelopment Authority’s 2019 Master Plan, the shophouse is zoned “commercial”. This means that it is not subject to Additional Buyer’s Stamp Duty or Seller’s Stamp Duty and foreigners and corporate entities are eligible to purchase.
Chin said: “We see strong interest from Ultra High Net Worth individuals, as well as family offices and private equity real estate funds that are seeking commercial assets for their portfolio in Katong that continues to be gentrifying.
“Given the properties’ attributes, 266 and 463 Joo Chiat Road are a compelling investment opportunity for buyers looking for an immediate income-yielding asset and long-term capital appreciation.”
The expression of interest exercise will close at 3 pm on Sep 8, 2022.
https://www.businesstimes.com.sg/real-estate/two-joo-chiat-road-shophouses-up-for-joint-sale-at-s1688m-guide-price
Jul 13, 2022
TWO freehold commercial shophouses along Katong’s Joo Chiat Road have been put up for sale with an indicative guide price of S$16.88 million, announced their exclusive marketing agent in a Tuesday (Jul 12) press release.
The first shophouse, a 4-storey property on 266 Joo Chiat Road, sits on a prominent corner freehold site, consisting of a land area of 1,533 sq ft with a floor area of about 4,900 sq ft. The second site, 463 Joo Chiat Road, is a ground floor corner commercial unit with an area of about 1,820 sq ft.
The agent, PropNex Realty’s Loyalle Chin, said that both properties are concurrently sold together with existing tenancies. The guide price translates to approximately $2,523 per square foot (psf) of floor area.
The 266 Joo Chiat Road property is located near the iconic row of colourful Koon Seng Road shophouses and co-working spaces such as Spaces and Crane Social Club, while the 463 Joo Chiat Road unit is close to the high-traffic junction opposite the recently reopened i12 Katong.
Both properties are well-positioned to reap the benefits from the gentrification and rejuvenation of the “highly popular” area, Chin said. Their parking and connectivity are enhanced by the shopping centre and the upcoming Marine Parade MRT station on the Thomson-East Coast line, he added.
Under Urban Redevelopment Authority’s 2019 Master Plan, the shophouse is zoned “commercial”. This means that it is not subject to Additional Buyer’s Stamp Duty or Seller’s Stamp Duty and foreigners and corporate entities are eligible to purchase.
Chin said: “We see strong interest from Ultra High Net Worth individuals, as well as family offices and private equity real estate funds that are seeking commercial assets for their portfolio in Katong that continues to be gentrifying.
“Given the properties’ attributes, 266 and 463 Joo Chiat Road are a compelling investment opportunity for buyers looking for an immediate income-yielding asset and long-term capital appreciation.”
The expression of interest exercise will close at 3 pm on Sep 8, 2022.
https://www.businesstimes.com.sg/real-estate/two-joo-chiat-road-shophouses-up-for-joint-sale-at-s1688m-guide-price