Three-storey shophouse at Joo Chiat Place for sale at $7.5 mil
58 Joo Chiat Place, a three-storey conservation shophouse, is up for sale through an expression of interest (EOI) exercise, with a guide price of $7.5 million. The freehold property spans a land area of 1,708 sq ft and covers a gross floor area of approximately 4,013 sq ft.The shophouse has an untapped Gross Floor Area (GFA) of approximately 1,100 sq ft, according to CBRE, the property’s marketing agent. The property is currently tenanted and used as a studio and retail store on the first floor, with residences on the upper floors. It is located close to amenities such as i12 Katong, Joo Chiat Complex and KINEX, as well as Haig Girls’ School and Tanjong Katong’s Girl School.Interest is expected to come from end-users as well as investors due to the potential strong rental and capital upside from the continued rejuvenation of the area, and immediate rental income upon acquisition. The EOI will close on November 1 at 12pm.
Situated in the heart of Joo Chiat, 58 Joo Chiat Place is a desirable asset in one of Singapore’s best lifestyle destinations. With its freehold status and generous gross plot ratio of 3.0 under the URA Master Plan 2019, the property offers an investment opportunity that one cannot miss.
With approximately 4,013 sq ft of Gross Floor Area, the property holds an untapped GFA of 1,100 sq ft and is zoned for both residential and commercial use. The first storey is currently occupied by a studio and retail store, with residential spaces occupying the upper floors.
The incoming buyer will benefit from strong rental and capital upside from the continued rejuvenation of Joo Chiat. Furthermore, the property is already tenanted and provides potential for further rental upside.
Joshua Giam, associate director of capital markets, Singapore at CBRE, observes: “Location, asset type and immediate rental income all contribute to the property’s appeal and potential upside. 58 Joo Chiat Place is certainly an attractive investment opportunity that should not be missed.”
The property is well connected to several amenities such as i12 Katong, Joo Chiat Complex and KINEX, and is near to Haig Girls’ School and Tanjong Katong’s Girl School.
The EOI exercise for 58 Joo Chiat Place will close on November 1 at 12pm, with a guide price of $7.5 million, or approximately $1,868 psf based on the property’s gross floor area.
With all its features, the property at 58 Joo Chiat Place looks like an attractive investment opportunity. Investors and end-users alike should take heed and not miss out on this great chance.
At a guide price of $7.5 million and located in one of Singapore’s most desirable locations, 58 Joo Chiat Place is an opportunity that cannot be overlooked. The freehold property enjoys a generous Gross Floor Area of 4,013 sq ft, with an untapped Gross Floor Area of 1,100 sq ft, zoned for both residential and commercial use. Currently tenanted, the property provides immediate rental income upon acquisition, and potential for further rental upside.
The buyer of this property is all but guaranteed to receive strong rental and capital upside from continued rejuvenation of Joo Chiat. Joshua Giam, associate director of capital markets, Singapore at CBRE, ascertains this potential, and remarks: “Location, asset type and immediate rental income all contribute to the property’s appeal and potential upside. 58 Joo Chiat Place is certainly an attractive investment opportunity that should not be missed.”
Located just minutes away from Orchard MRT station, Orchard Boulevard MRT Condo provides easy access to the city’s major thoroughfares. Whether you want to explore the cultural attractions of Orchard Road or perhaps venture further afield to discover the diversity of other neighbourhoods—it’s all easily accessible from here. Enjoy the convenience of living so close to the heart of the city.
The property is just minutes away from i12 Katong, Joo Chiat Complex and KINEX, and is close to Haig Girls’ School and Tanjong Katong’s Girl School. All these features combine to make this property an unparalleled opportunity that investors and end-users must take note of.
The EOI exercise for 58 Joo Chiat Place will close on November 1 at 12pm, and interested parties should act fast. With its guide price of $7.5 million, translating to approximately $1,868 psf based on the property’s gross floor area, this is indeed an opportunity that must not be missed.