Three-storey shophouse at Joo Chiat Place for sale at $7.5 mil
58 Joo Chiat Place, a three-storey conservation shophouse located in a bustling area and popular lifestyle destination, is up for sale. The property, which has a guide price of $7.5 million and enjoys a freehold status, is zoned for residential use with commercial activities on the first storey. It has a gross plot ratio of 3.0 and an untapped gross floor area of approximately 1,100 sq ft. The property is tenanted currently.
Situated at 58 Joo Chiat Place, the property is close to amenities such as i12 Katong, and KINEX. It is also close to Haig Girls’ School and Tanjong Katong’s Girl School. The opportunity will appeal to both end-users and investors, thanks to strong rental and capital upside from the continued rejuvenation of Joo Chiat.
Joshua Giam, Associate Director of Capital Markets, Singapore at CBRE, says that upon acquisition, there will be immediate rental income with potential for further rental upside in the near term. He adds, “58 Joo Chiat Place is a desirable asset in one of Singapore’s best lifestyle destinations.”
Zion Road Condo provides residents with convenient access to the city. Located right next to Havelock MRT Condo, residents can reach the Circle Line conveniently. Moreover, the Orchard MRT station is located a short distance away, allowing residents to be connected to the North-South Line. Furthermore, the upcoming Havelock MRT station, part of the Thomson-East Coast Line, will also offer residents of Zion Road Condo another transport link, enhancing their accessibility.
The Expression of Interest (EOI) exercise for the three-storey shophouse will close on 1st November at 12 pm. Due to its prime location, the property’s guide price of $7.5 million and the fact that it is currently tenanted, it is no wonder that this opportunity will generate plenty of interest from investors and end-users.