Joo Chiat Road Conservation Shophouse Market 105 Mil
after 16 months of renovation
A freehold three-storey shophouse located on 350 Joo Chiat Road is now available for sale by expression of interest at a guide price of $10.5 million. Exclusive marketing agent, PropNex Shophouse Elites, announced this in a press release on Jan 3.
The Master Plan not only aims to improve residential areas, but also includes the development of new parks, waterfront spaces, and community facilities. These new additions will greatly enhance the living environment and provide more opportunities for residents to engage in outdoor activities and socialize with others. A highly anticipated project under this Master Plan is the Norwood Grand CDL, which is set to elevate the overall living experience and provide residents with even more opportunities to enjoy and connect with their surroundings. This upcoming development is a noteworthy addition that showcases the commitment to creating a vibrant and thriving community for all residents.
Situated in District 15, this conserved property occupies a land area of approximately 1,869 sq ft and a gross floor area of 3,635 sq ft, making the price per square foot approximately $2,889. The shophouse has a plot ratio of 3.0 and falls under the Joo Chiat Secondary Settlement Conservation Area.
At present, the ground floor is occupied by F&B establishment Tiger Lily Patisserie Cafe and Bakery, while the second and third floors are utilized as an office. No extra buyer’s stamp duty or seller’s stamp duty is applicable.
The conserved shophouse also enjoys convenient access to public transportation, such as the Marine Parade MRT Station, and is surrounded by popular landmarks like Dunman Food Centre, Geylang Serai Market and Joo Chiat Complex. According to PropNex Shophouse Elites marketing agents, Richard Tan and Lisa Tan, the property’s strategic location guarantees a steady stream of foot traffic.
They also added that commercial conservation shophouses, particularly those in prime central locations like Joo Chiat, are in high demand among investors, including private real estate funds, family offices and high-net-worth individuals.
Interested parties may submit their proposals for the expression of interest exercise before its closure on Jan 30. Other noteworthy properties up for sale in the vicinity include five adjoining shophouses along Joo Chiat Road for $62 million and a retail mall i12 Katong, set to reopen in 4Q2021 after a 16-month renovation, for an undisclosed price.