Commercial building with car park along Joo Chiat Road on sale for $50m

The sale ends on 12 May at 3 p.m.

A four-storey commercial building with attic and basement carpark located along Joo Chiat Road will be on sale with an indicative price of $50m, real estate firms, CBRE and Savills, bared.

In a joint statement, CBRE and Savills said the sale of the property, which has 16.5-metre frontage and has a plot ratio of 3.0, will be conducted through expression of interest close on 12 May 2022 at 3 p.m.

Foreigners are qualified to buy the property with no Additional Buyer’s Stamp Duty or Seller’s Stamp Duty imposed on the transaction.

The property also has a total existing floor area of approximately 24,714 square feet and is currently fully tenanted, which will allow the buyer to get stable and immediate rental income.

It also has regular and efficient floor plates that can be accessed by a lift and internal staircase. Its basement car park can accommodate up to six cars.

Michael Tay, chief of capital markets in CBRE Singapore, sees that the property will appeal to owner-occupiers, high-net-worth individuals or family offices for long-term investment.

He added that the commercial property is an exclusive opportunity to acquire in Joo Chiat, which is a location dominated by shophouses and rarely has commercial developments. 

“There are only a handful of freehold commercial development clusters in the suburbs, and ownership of such assets in affluent neighborhoods such as East Coast / Joo Chiat, Bukit Timah and Holland Village are treated with great prestige and privilege” Tay said in a joint statement.

“The district’s strong history of capital and rental growth presents an ideal investment opportunity for astute investors seeking to diversify their portfolio away from the Central Business District,” he added.