Five freeholds, which are adjacent to conservation shophouses that are located on Joo Chiat Road are up for sale through the expression of interest (EOI) exercise, with an estimated price of $62 million. That is roughly $12.4 millions for every shophouse. The properties will be sold on a group basis.
Skywaters Residences Shenton Way floor plan for office space translates from 678,000 sq ft up to 720,000 sq ft.
The properties are located at 185,187 and 189,191,193. Joo Chiat Road and Joo Chiat Road, are two-story with an attic shophouses, which have an extension to the rear of three storeys. The properties have an estimated floor space of 14,647 sq feet. According to this figure, the estimated cost is $4,233 per sq ft.
The shophouses are situated at the intersection of Joo Chiat Road and Joo Chiat Lane, with a frontage of 70m. They are situated on five separate land titles that have a total totaling 6,185 square feet that are classified as commercial property with a the plot ratio of 3.0
According to the marketing agent Savills Singapore Four out of five shops are equipped with “restaurant” permissions on the ground level. “Considering the fact that URA has stopped allowing new eateries to open for the East Coast / Joo Chiat The properties’ F&B approbations for the units on ground provide an attractive opportunity for restaurant owners,” the consultant says in a press announcement.
Savills states that the shophouses offer the potential to expand further with a rear extension with up to five floors. The maximum floor area for the site is 18,555 square feet in accordance with the plot ratio that is approved.
“Following Savills’ recent successful sale of 381 Joo Chiat Road for $42 million in 3Q2022 as well as the adjoining 2001 Joo Chiat Road for $31.5 million in 4Q2021, we’ve received a lot of interest in Freehold Commercial properties located in Joo Chiat. East Coast / Joo Chiat region,” says Yap Hui Yee, the senior director for capital markets and investment sales of Savills Singapore.
She continues: “Purchasers can explore to implement asset enhancement strategies to bring the space back to life and unlock its capital value. The shophouses are set to benefit from the energy and the growing population of Dunman and the East Coast and Dunman precinct.”
The EOI deadline is February 17 at 3pm.