Savills Singapore, as the exclusive marketing agent, is proud to offer for sale five adjoining freehold, two-storey with attic shophouses and three-storey extension, located at Joo Chiat corner plot - 185 to 193 (Odd Nos) Joo Chiat Road.
Situated amidst the bustling Katong / Joo Chiat locale, the shophouses sit on 5 individual land titles with a combined land area of approximately 6,185 square foot. Under the Urban Redevelopment Authority's (URA) Master Plan 2019, the shophouses are zoned “Commercial” with a plot ratio of 3.0 and five-storey rear extension permitted. This allows for value-add potential to intensify the floor area to approximately 18,555 square foot.
Prominently located in the main thoroughfare of Joo Chiat, the property enjoys prominent dual road frontages of approximately 70 metres along the main Joo Chiat Road and Joo Chiat Lane. Street parking lots are located right in front of the properties and there are also ample public parking lots available in the open-air carpark located a minute’s walk away.
Four out of five of the ground floor units come with rare “Restaurant” approvals. Considering that URA no longer permits new eating houses in East Coast / Joo Chiat, the assets’ F&B approvals on the ground floor units present a highly attractive opportunity for restaurant operators.
With significant value-add potential, further capital and rental values can also be unlocked under various schemes such as creative tenant repositioning or Asset Enhancement Initiatives (AEI), whereby the future owner may choose to reconfigure the internal space to increase the efficiency and create larger floor plates. The upper floors can also be repositioned and leased out separately to medical or dental clinics, yoga studios or educational centres, subject to approval from the relevant authorities.
Predominantly an affluent residential enclave characterized by colourful shophouses and residential estates, East Coast / Joo Chiat has established itself as a dynamic lifestyle destination in the East that offers an eclectic mix of cafés, boutique grocers and lifestyle retail outlets. The neighbourhood’s ability to stay relevant amidst an evolving retail landscape has made it a popular destination for locals and expatriates. Some of the well-established F&B establishments in the immediate vicinity are Café Natsu, Tigerlily Patisserie, King’s Cart, Common Man Coffee Roasters, Prairie By Craftsmen and Plain Vanilla.
Ms Yap Hui Yee, Senior Director, Investment Sales & Capital Markets at Savills Singapore, shared: “Following Savills’ recent successful sale of 381 Joo Chiat Road for $42 million in Q4/2022 and the neighbouring 201 Joo Chiat Road for $31.5 million in Q4/2021, we have been receiving strong interest for freehold commercial properties in the East Coast / Joo Chiat area. Characterised by a mix of colourful shophouses of Peranakan heritage that house popular F&B eateries, trendy bars and hipster boutiques, coupled with the very limited supply of sizeable commercial properties in the immediate vicinity, this row of 5 adjoining shophouses at Joo Chiat Road represents an exceptional opportunity in an exciting and fast-growing locale with potential naming and signage rights."
“Purchasers can explore to undertake AEI works to restore the space and unlock the capital value. The shophouses are poised to benefit from the vibrancy and increasing population catchment in the East Coast and Dunman precinct. This is an exceptional opportunity for investors to recreate the streetscape through the curation of uses that will tap on the growth of the area.”
Foreigners and companies are eligible to purchase the properties and no Additional Buyer Stamp Duty (ABSD), or Seller’s Stamp Duty (SSD) will be imposed.
Indicative price for the properties is S$62 million, which translates to about S$12.4 million for each shophouse. The properties are to be sold on a collective basis.
The sale will be conducted through an Expression of Interest exercise, which closes on Friday, 17 February 2023, at 3pm.
Kindly find additional details about the property for sale [185 to 193 (Odd Nos) Joo Chiat Road] here.