292, 294, 296 & 298 Joo Chiat Road - Four Adjoining Units of Corner Shophouses with Prominent Dual Frontages For Sale Via Public Tender

The site is zoned “Commercial” under the 2014 Master Plan, within the Joo Chiat Conservation Area, and comes with a plot ratio of 3.0. New extensions within the conservation guidelines are permitted up to a building height of 5-storey, subject to relevant authorities’ approval. Therefore, there is potential to increase the gross floor area to approximately 22,848 sq ft.

Joo Chiat Road is the significant “spines” in East Coast/Tanjong Katong area where the buzz and activity lies. With its rich multicultural and multifaceted nature, Joo Chiat is regarded as a treasure trove for delectable local food, creative businesses such as art galleries, design studios, upmarket retail outlets and eateries.

Given its unique mix of exquisite history and culture, the area has undergone extensive transformation to become a vibrant neighbourhood, a hub with a good mix of entertainment and creative services/trades. New businesses such as art galleries, design studios, upmarket retail outlets and eateries have emerged, while a number of shophouses have been restored. These additions further enhance the allure and gentrified ambience of Joo Chiat Road that can expect to draw fresh crowds and shoppers to the area.

Sammi Lim, Associate Director, Investment Properties, CBRE said, “Following CBRE’s successful sale of 201 Joo Chiat Road at $16.8 million, and most recently 42 to 46 Joo Chiat Road in December 2015 at $23 million, we have observed increasing interest from buyers seeking shophouse purchase opportunities in the East of particular interest is a row of adjoining corner shophouses as it holds vast potential for value-add and plot ratio intensification. With a row of four adjoining units, some feel that the purchase of such shophouses is akin to buying land and owning a boutique building. The contiguous shophouses also provides the buyer with the extra flexibility and creativity to configure the space to suit an entire spectrum of commercial use classes, or cater to the needs of tenants.

Joo Chiat is the undisputed hotbed of diversity, combined with new waves of redevelopments to revitalise the area and enhance the distinct character and identity, we envisage strong interest from both local and foreign buyers who are seeking for prime shophouse asset with strong potential for future growth.

Based on caveats, the most recent transactions in the vicinity were two freehold shophouses at 42 to 46 Joo Chiat Road and 452 Joo Chiat Road in December and October last year, which were sold for approximately $1,552 and $1,489 per square foot over the gross floor area respectively.

With its high occupancy rate and ability to offer some vacant space, the opportunity definitely caters to both investors and also owner-occupiers, who will likely occupy the premises as their corporate headquarters with building naming rights. In addition, the upper floors have been granted permanent permission for ‘Hotel’ and come with an existing approved use for ‘Student Hostel’. This will also excite hospitality operators.”

CBRE is the sole marketing agent for this Public Tender Exercise.

The Public Tender exercise for this Property will close on 8th March 2016, Tuesday at 3 pm.