Shophouse at 266 Joo Chiat Road corner for sale at $16.88 mil

Two commercial corner shophouses with freeholds located along Joo Chiat Road are available to be sold together via tender at a price guide at $16.88 Million, which is equivalent to $2,523 per sq ft. The properties are being sold along with existing leases.

The Botany at Dairy Farm new launch condo development in the heart of Singapore.

A shophouse in the area is a 4-storey Peranakan-style building located in 266 Joo Chiat Road, spanning 1,533 square feet of space and 4,900 sq ft in built-up space. The famous Koon Seng Road shophouse row is located in the area, along with co-working areas Spaces along with Crane Social Club.

The second shophouse is an upper-floor property on 463 Joo Chiat Road, measuring 1,820 square feet. It is currently leased for BBQ Weber. The recently renovated I12 Katong mall is located nearby.

The Joo Chiat enclave has undergone significant revitalization and gentrification in recent time. Numerous well-known international and local cafes and retail brands have come up, such as Awfully Chocolate, PS Cafe, Plain Vanilla, Common Man Coffee Roasters, Lululemon and Tigerlily. The forthcoming Marine Parade MRT Station (on the Thomson-East Coast Line), expected to be completed by 2024, is a just a short stroll from the location.

“We have a lot of interest from ultra-high net-worth individuals family offices, private equity and real estate funds that are looking to purchase commercial properties in Katong to add to their portfolios,” says Loyalle Chin of PropNex Realty, the exclusive marketing agent for Katong’s properties.

“Commercial shophouses located in residential areas with significant foot traffic enjoy an unstoppable demand, particularly when they are priced at an affordable price,” he adds.

Both shophouses are commercially zoned in URA Master Plan 2019. URA Master Plan. Additionally, foreigners are able to purchase the shophouses without having to pay additional stamp duty for buyers and seller’s stamp duties.

The exercise for expressions of interest is due to close on September 8 at 3pm.