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Row of three shophouses at Joo Chiat Road up for sale

By Kalpana Rashiwala

[email protected]@KalpanaBT

Sep 16, 2015


THREE adjoining freehold shophouses in Joo Chiat Road near its junction with Changi Road have been put up for sale by public tender.

The guide price for the trio, located opposite Joo Chiat Complex, is S$28 million.

The three shophouses are owned by a hardware company that currently occupies the premises for its business. It is prepared to give the buyer the option of purchasing the property with either vacant possession or a leaseback structure. Based on the rental the seller is prepared to pay, the gross yield would translate to 4 per cent, said Sammi Lim, associate director, investment properties, at CBRE. The property consulting group is the sole marketing agent for the shophouses at 42, 44 and 46 Joo Chiat Road. The tender will close on Nov 4, 2015.

Located within the Joo Chiat Conservation Area, the shophouses have a land area of about 4,992 square feet and a gross floor area (GFA) of about 14,820 square feet. The 3.0 plot ratio (ratio of maximum GFA to land area) allotted for site is nearly fully utilised. However, there is scope for reconfiguration work to achieve a higher proportion of usable area.

Under the Urban Redevelopment Authority's Master Plan 2014, the site is zoned for commercial use.

The three shophouses have two storeys and an attic in front, and four storeys and an attic at the back. They offer about 17 metres of street frontage. According to Ms Lim: "Following CBRE's successful sale of 201 Joo Chiat Road at S$16.8 million in March this year, we have observed increasing interest from buyers seeking shophouse purchase opportunities outside of the CBD, especially in the East." 201 Joo Chiat Road is a freehold shophouse block comprising five units and with a land area of 6,031 sq ft. It was sold by Kota Development, a company linked to the Lee family that founded OCBC, to SilkRoad Property Partners.

Joo Chiat was declared Singapore's first Heritage Town in 2011, as part of the government's initiative to promote a vibrant Peranakan and Eurasian heritage. The Joo Chiat identity is especially shaped by its unique architecture - colourful shophouses and terrace houses with ornate facades, intricate motifs and ceramic tiles.