Joo Chiat Place has a three-story shophouse for sale for $7.5 million

A three-storey shophouse in conservation located at the 58th floor of Joo Chiat Place is up for sale via the expression of interest (EOI) exercise, with the price range in the range of $7.5 million. It is estimated to be $1,868 per square foot in relation to it’s gross floor space (GFA) of approximately 4,013 square feet.

SORA Condo Lakeside Jurong colorful landscape of the development is located in a way that makes it easy to travel within the neighborhood and throughout the rest of Singapore.

The shophouse is freehold and covers an surface of 1,708 sq feet. It is designed for residential use and commercial space on the first floor and has the Gross plot ratio of 3.0 according to the URA Master Plan 2019. This means that the property has a GFA that is not yet utilized of about 1,100 square feet according to market agent CBRE.

The shophouse is presently rented and is used as a studio and a retail store on the ground floor. The upper floors are home to residents. The property is located close to facilities like the i12 Katong, Joo Chiat Complex and KINEX. The property is also within walking distance of Haig Girls’ School and Tanjong Katong’s Girls’ School.

“58 Joo Chiat Place is an attractive asset located in Singapore’s top places to live,” remarks Joshua Giam the executive director, capital market Singapore in CBRE. “The possibility will be appealing to both investors and end-users,” he adds.

Giam states that buyers who are about to buy is likely to enjoy a high rent and capital growth as a result of the ongoing revitalization of Joo Chiat. “Moreover there will immediately be rental income following purchase as it is a property is fully rented, with the potential for additional rent growth in the near future,” he continues.

The EOI process for the 58th Joo Chiat Place will close on the 1st of November at 12pm.