The shophouses have a maximum allowable gross floor area (GFA) of approximately 22,200 sqft.
A row of six contiguous three-storey freehold conservation shophouses, with potential to value add, in the Joo Chiat/East Coast area will be sold as a bundle via a public tender, an announcement by CBRE revealed.
The shophouses, located at 454, 456, 458, 460, 462, 464 Joo Chiat Road, have a prominent 30 m road frontage along Joo Chiat Road. The shophouses sit on a freehold site of approximately 7,400 sqftt and the total existing built-up area is around 13,000 sqft.
Under the 2019 Draft Master Plan, the property is zoned “Commercial” with a plot ratio of 3.0 and a maximum allowable gross floor area (GFA) of approximately 22,200 sqft. The shophouses come with food and beverage (F&B) approvals on the ground floor and 2nd-storey.
According to Yap Hui Yee, associate director of capital markets at CBRE, one of the shophouses is tenanted to the homegrown-brand café, Sinpopo, that is popular amongst locals and tourists.
“We expect robust interest in this property due to the rarity of a row of six freehold conservation shophouses with existing F&B approvals in a strategic location being made available for sale. There will be no Additional Buyers’ Stamp Duty or Sellers’ Stamp Duty imposed on local or foreign buyers,” Yap said.
“Subject to authorities’ evaluation, the property is suited for a co-working business, medical or healthcare center, F&B and lifestyle retailers, or hostel operators,” Yap added.
The public tender exercise will close on 30 August at 3 p.m.
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