Seven adjoining freehold conservation shophouses at Joo Chiat for sale at $100 mil

Jovi Ho08-24 01:57

As the asset is located within the Joo Chiat Secondary Settlement Conservation Area, exclusive marketing agent CBRE says there is potential to maximise the GFA by adding a five-storey rear extension....

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Under the Urban Redevelopment Authority's (URA) Master Plan 2025, the site is zoned for commercial use with a plot ratio of 3.0 and a maximum allowable GFA of approximately 25,326 sq ft. \nAs the asset is located within the Joo Chiat Secondary Settlement Conservation Area, exclusive marketing agent CBRE says there is potential to maximise the GFA by adding a five-storey rear extension, subject to relevant authorities' approvals.\nThe asset benefits from rare permanent F&B approvals for several of the shophouses, adds CBRE on Aug 24. The shophouses are fully tenanted to a range of reputable occupiers, including Encore Muay Thai, Little Gryphons Montessori, Prairie by Craftsmen (Joo Chiat), The Melting Pot and Cheeers Bistro & Bar. \n\nThe property is available for purchase by both local and foreign buyers, subject to approvals from relevant authorities. No additional buyer's stamp duty (ABSD) or seller's stamp duty (SSD) will be payable on purchase. \nThe shophouses are a stone's throw from key amenities including i12 Katong, Parkway Parade, Joo Chiat Complex, Haig Girls' School, Tanjong Katong Girls' School and CHIJ (Katong) Primary, according to CBRE. \nThe property is also approximately an eight-minute walk from Marine Parade MRT Station on the Thomson-East Coast Line. It is approximately a 15-minute drive from the Central Business District (CBD) and within close proximity to major expressways such as the East Coast Parkway (ECP) and Kallang-Paya Lebar Expressway (KPE). \nSituated at the gateway to the Joo Chiat precinct, the property enjoys a prominent position within a well-established lifestyle and heritage destination that continues to attract strong visitor and consumer traffic, says CBRE. \"Predominantly an affluent residential district characterised by colourful shophouses, the East Coast/Joo Chiat precinct has established itself as a vibrant lifestyle enclave. Home to an array of acclaimed eateries, trendy cafés and rich Peranakan and Eurasian heritage, the precinct is a popular destination among locals, tourists and expatriates alike.\"\nJoshua Giam, director of capital markets, Singapore at CBRE, says the row of seven shophouses at 452-464 Joo Chiat Road represents \"a rare trophy asset\" in one of Singapore's \"most sought-after lifestyle destinations\". \"Fully tenanted, the property offers immediate rental income and potential for further rental and capital appreciation as the Joo Chiat precinct continues to evolve. We expect strong interest given the rarity of seven freehold conservation shophouses being offered as a contiguous row, particularly with existing permanent F&B approvals in place for several of the shophouses.\"\nGiam adds: \"Combining scarcity, income stability and value-add potential, 452-464 Joo Chiat Road presents a compelling opportunity to acquire a landmark conservation asset with strong long-term growth prospects.\"\nThe sale will be conducted via an expression of interest exercise that will close at noon on Sept 24.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.47.1","shortVersion":"4.47.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2661274529","isCrawlerRequest":true}