-- CBRE, as the exclusive marketing agent, is offering for sale a 3-storey conservation shophouse at 58 Joo Chiat Place. The sale will be conducted via an Expression of Interest exercise which closes on Wednesday, 1 November 2023, at 12pm.
Situated in the heart of District 15, within the Joo Chiat Conservation Area, the asset sits on a site of approximately 1,708 sqft and has a Gross Floor Area (GFA) of approximately 4,013 sqft. Zoned “Residential with Commercial at First Storey” with a Gross Plot Ratio (GPR) of 3.0 under URA’s Master Plan 2019, the Property has an untapped GFA size of approximately 1,100 sqft. Held under freehold tenure, the asset is ideal for owner-occupiers or investors seeking stable rental income and further capital growth. The asset is currently tenanted and used as a craft studio cum retailer on Level 1 and residential on Levels 2 and 3.
Strategically located in the heart of Joo Chiat, the asset is located in one of Singapore’s most popular lifestyle destinations. Predominantly an affluent residential district characterized by colourful shophouses, East Coast / Joo Chiat has established itself as a popular lifestyle enclave. Home to an array of well-known eateries and a heritage hotspot for Peranakan and Eurasian cultures, the area is often abuzz with locals, tourists, and expatriates seeking gourmet food options or an immersion in the history and culture the area has to offer. The area is also popular for its proximity to food, heritage, and lifestyle destinations nearby such as East Coast Park, Geylang Serai, and Paya Lebar.
The guide price for the asset is S$7.5 million, which translates to approximately $1,868 per square foot based on the GFA.
Mr Joshua Giam (严耀祥), Associate Director of Capital Markets, Singapore at CBRE, says, “58 Joo Chiat Place is a desirable asset in one of Singapore’s best lifestyle destinations. The opportunity will appeal to both end users and investors. Apart from consistently high footfall in the area, the incoming buyer can look forward to strong rental and capital upside from the continued rejuvenation of Joo Chiat. Moreover, there will be immediate rental income upon acquisition as the property is fully tenanted with potential for further rental upside in the near term. Considering the rarity of conservation shophouses in Singapore, 58 Joo Chiat Place is a rare opportunity to acquire a conservation asset in a growth area.”
58 Joo Chiat Place is a stone’s throw away from key amenities such as Haig Girls’ School, Tanjong Katong Girls’ School, i12 Katong, Joo Chiat Complex and KINEX. It is also well-connected to other key areas of Singapore, being a 15-minute drive from the Central Business District (CBD) and Changi Airport, and within close proximity to major expressways such as the Pan-Island Expressway (PIE) and Kallang-Paya Lebar Expressway (KPE).
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2022 revenue). The company has approximately 115,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
