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Two individual shophouses on Joo Chiat Road are up for sale

By Esther Hoon

/ CBRE |

October 20, 2016 2:09 PM SGT

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Two freehold two-storey conservation shophouses on Joo Chiat Road have been put up for sale. The guide price for the shophouses is $4.8 million each.

The shophouse located at 162 Joo Chiat Road has been put up for sale by expression of interest (EOI). It comes with an attic and a three-storey rear extension. The property has a land area of 1,674 sq ft and a current gross floor area of about 3,494 sq ft, with a potential maximum gross floor area of around 5,021 sq ft.

Meanwhile, the other shophouse at 252 Joo Chiat Road, located a street away, is being put up for sale by public tender. It has an estimated land area of 2,207 sq ft and a current gross floor area of about 3,098 sq ft, with a potential maximum gross floor area of about 6,620 sq ft and a new rear extension can be developed.

Both shophouses have a plot ratio of 3.0 and are zoned as “Commercial” usage under the 2014 Master Plan, within the Joo Chiat Conservation Area. While new extensions within the conservation guidelines are permitted up to five-storeys, the front façade of the shophouses has to be conserved.

Buyers have the option to purchase the properties separately. The shophouse at 162 Joo Chiat Road is being offered for sale on a vacant possession basis, while the one at 252 Joo Chiat Road is being offered for sale, with the option to purchase either based on a leaseback structure or on a vacant possession basis.

The EOI exercise for 162 Joo Chiat Road will close on Nov 29, while the public tender exercise for 252 Joo Chiat Road will close on Nov 23. CBRE is the appointed marketing agent for both properties.

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