A row of four three-storey shophouses in Joo Chiat has been put up for sale via public tender.
The adjoining units are located at 292, 294, 296 and 298 Joo Chiat Road, and have a combined land area of approximately 7, 616 square feet. Together, they make up about 17, 980 square feet in gross floor area (GFA).
The site – which sits within the Joo Chiat Conservation Area – is zoned as “commercial” under the Urban Redevelopment Authority’s (URA) Master Plan 2014, which means its premises are approved for commercial development. Possible uses for land in this zone include practices, banks, eating places and movie theaters.
The site carries a plot relation of 3. zero. It is allowed up to a establishing height of 5 storeys, controlled by the relevant authorities’ approval. Being mindful of this, there is probability of increase the GFA of the web page to just about 22, 848 square feet.
The place where the shophouses are located may be known for its surplus of neighborhood food and creative firms such as galleries and layout studios.
The marketing agent said that they may have observed raising interest by buyers researching shophouse prospects in the east of Singapore.
The Joo Chiat place in particular features of late earned a lot of desire from this sort of buyers. On October not too long ago, 452 Joo Chiat Route was purchased for S$1, 489 every square base (psf), and again on December, 49 to forty six Joo Chiat Road was sold at S$1, 552 psf over the GFA. Both online websites were freehold shophouses. 49 to forty six Joo Chiat Road fetched a final sale price of S$23 , 000, 000.
Shophouses based in a strip have been of particular desire as they have vast prospects for value-add and plot relation intensification.
Together with the upper flooring surfaces of the recent site naturally permanent admission for hotel use, the property is expected to be an exciting opportunity for hospitality operators. The guide price to the market for the shophouses is S$8. 8 million.