Three adjoining Joo Chiat shophouses up for sale
A row of four three-storey shophouses in Joo Chiat continues to be put up available for sale via general public tender.
The adjoining models are located at 292, 294, 296 and 298 Joo Chiat Street, and have a combined property area of around 7, 616 square feet. With each other, they make up about seventeen, 980 square feet in major floor region (GFA).
The website – that sits inside the Joo Chiat Conservation Region – is usually zoned because “commercial” underneath the Urban Redevelopment Authority’s (URA) Master Strategy 2014, meaning its property are accepted for industrial development. Possible uses for property in this area include office buildings, banks, restaurants and concert halls.
The site includes a plot proportion of 3. 0. It is allowed up to a building height of five storeys, governed by the relevant authorities’ approval. With this thought, there is potential to increase the GFA of the website to around 22, 848 square feet.
The region where the shophouses are located is famous for its variety of regional food and creative businesses such as art galleries and style studios.
The marketing agent said that they have observed increasing interest coming from buyers looking for shophouse possibilities in the east of Singapore.
The Joo Chiat region in particular offers of late garnered a lot of attraction from these buyers. On October in 2009, 452 Joo Chiat Roads was distributed for S$1, 489 every square bottom (psf), and again on December, 38 to forty six Joo Chiat Road was sold at S$1, 552 psf over the GFA. Both online sites were freehold shophouses. 38 to forty six Joo Chiat Road fetched a final sale price of S$23 , 000, 000.
Shophouses centered at a strip have been of particular attraction as they store vast likelihood value-add and plot relative amount intensification.
Along with the upper floorings of the present-day site approved permanent concur for lodge use, the house or property is will be be a fantastic opportunity for food operators. The guide value to the current market for the shophouses is certainly S$8. almost eight million.