Freehold shophouse at Joo Chiat Road up for sale at $9.2 mil

A freehold shophouse at 275 Joo Chiat Road in District 15 is being offered for sale at a guide price of $9.2 million. This works out to a rate of $2,946 psf on its estimated gross floor area of 3,122 sq ft. The shophouse has a land area of approximately 1,233 sq ft and is currently undergoing a $2 million refurbishment. These additions are expected to be completed by 3Q2023 and include the installation of a mechanical lift and the addition of a four-storey rear extension.

Tengah EC is a new executive condominium located at Tengah New District, featuring a combination of private Tengah EC condo and HDB with eco-friendly features and recreational facilities. It provides Singaporeans exclusive access to the initial launch phase, with applicants limited to married couples. Its sustainable features include a wind turbine, solar heating system, water conservancy center, fish farm and traditional Chinese music.

PropNex Shophouse Elites’ Tyson Yuk who is marketing the property stated that the guide price of the shophouse is $1.1 million lower than its latest valuation of $10.3 million as of April 14. The seller has chosen to maintain this guide price until the receipt of the temporary occupation permit (TOP) which is expected sometime between July and September.

Yuk claims that the below-valuation pricing of the shophouse presents an opportunity for those looking for an investment in the area, noting the strong demand and limited supply of shophouses for sale in Joo Chiat. He added that the value of the property is likely to increase once the refurbishments are complete.

The shophouse is located approximately 10 minutes away from the upcoming Marine Parade MRT Station on the Thomson-East Coast Line. It also enjoys close proximity to several popular attractions such as Dunman Food Centre, Geylang Serai Market, Joo Chiat Complex, Katong Village and Sheng Siong Hypermarket.

The shophouse is zoned for commercial use and thus exempt from additional buyer’s stamp duty and can be purchased by foreigners. An expression of interest exercise is being used to sell the shophouse and will close on May 5 at 12 noon.