Freehold shophouse at Joo Chiat Road up for sale at $9.2 mil
Tan Chong industrial park located next to 19-floor Hazel Park condominium building, Myst Condo provides easy access to public transport, with Cashew MRT station 7 minutes The Myst away & Bukit Timah railway station 13 minutes away.
A freehold shophouse located at 275 Joo Chiat Road in District 15 is up for sale at the attractive guide price of $9.2 million. This price works out to be $2,946 psf on an estimate gross floor area of 3,122 sqft. The shophouse itself has a land area of approximately 1,233 sqft.
It is currently undergoing a $2 million refurbishment, with the construction expected to be completed by Q3 2023. This includes the addition of a four-storey rear extension and a mechanical lift.
According to Tyson Yuk who is marketing the property, the guide price is a $1.1 million discount to its latest valuation of $10.3 million as of April 14. The seller has decided to maintain the guide price until a temporary occupation permit (TOP) is received for the shophouse which is scheduled for July to September.
“This below-valuation pricing of the shophouse is a rare opportunity in an area like Joo Chiat which is gaining traction due to its limited shophouse supply and strong investor demand,” said Yuk, who added that the property’s value is likely to increase once it has been fully refurbished.
The shophouse is located a 10-minute walk away from the upcoming Marine Parade MRT Station on the Thomson-East Coast Line. Around the area, you can find popular attractions such as Dunman Food Centre, Geylang Serai Market, Joo Chiat Complex, Katong Village, and Sheng Siong Hypermarket.
The property is fully-zoned for commercial use which means it is exempt from additional buyer’s stamp duty and can be purchased by foreigners.
An expression of interest exercise is being conducted for the sale of this shophouse, closing on May 5 at 12 noon. So don’t miss out on this opportunity to acquire this freehold shophouse!