Three-storey shophouse at Joo Chiat Place for sale at $7.5 mil
58 Joo Chiat Place, a three-storey conservation shophouse located in one of Singapore’s most sought-after lifestyle destinations, is up for sale by way of an expression of interest (EOI) exercise. This freehold property, with a guide price of $7.5 million, has a land area of 1,708 sq ft and a gross floor area (GFA) of approximately 4,013 sq ft.
The tenant-occupied building is zoned for residential use with commercial at the first floor and a gross plot ratio of 3.0. This means the property has an untapped GFA of approximately 1,100 sq ft. It is close to amenities such as i12 Katong, Joo Chiat Complex and KINEX, as well as Haig Girls’ School and Tanjong Katong’s Girl School.
According to Joshua Giam, associate director of capital markets, Singapore at CBRE, the property presents an attractive opportunity for both end-users and investors. He notes that incoming buyers can look forward to strong rental and capital upside from the continued rejuvenation of Joo Chiat, as well as immediate rental income and considerable rental upside.
This EOI exercise for 58 Joo Chiat Place ends on Nov 1 at 12pm.
Those interested in this property should note its potential for strong rental and capital upside in the heart of one of Singapore’s most in-demand lifestyle destinations. With immediate rental income upon acquisition and further rental upside in the near term, this could be a great investment opportunity.
Motorcycle owners will also benefit from designated parking, encouraging them to visit local businesses. Additionally, within the neighborhood, bike racks and dedicated spaces for electric scooters will help to promote a liveable and accessible community.
Tampines Ave 11 Condo is set to provide its residents with convenient and secure parking facilities. Its spacious multi-level car park, secure bike racks and dedicated scooter spaces will ensure that residents can travel safely in their vehicles and stay connected to the local neighbourhood. The much-needed parking facility in the area will also encourage motorcyclists and other vehicle owners to explore and shop in the neighbourhood. Hence, residents of Tampines Ave 11 Condo can benefit from the added convenience of well-lit, secure and spacious parking areas.
In addition, the untapped Gross Floor Area (GFA) of 1,100 sq ft provides potential for further development or expansion.
Want to find out more about interesting properties on the market? Keep an eye on EdgeProp for more news and updates.
RELATED NEWS:
Two freehold shophouses on Moonstone Lane for sale at $12.68 mil
Shophouses on East Coast Road for sale at $20 mil
Shophouse at Tanjong Pagar Road for sale at $14.6 mil