Five Joo Chiat Road shophouses for sale at $62m

Four of the five ground floor units have restaurant approvals.

Five adjoining freehold, adjoining shophouses are for sale at Joo Chiat Road, for an indicative price of S$62m, announced Savills Singapore. The properties are to be sold on a collective basis.

The shophouses are located at 185 to 193 (Odd Nos) Joo Chiat Road, a corner plot in the Katong/ Joo Chiat locale. They have a combined land area of approximately 6,185 square feet, and 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 feet, Savills estimates.

Notably, four out of the five ground floor units have restaurant approvals. As the URA no longer permits new eating houses in East Coast/ Joo chiat, thet assets’ F&B approvals offer opportunities for restaurant operators.

The property is around 70 metres along the main Joo Chiat Road and Joo Chiat Lane. Street parking lots are also located in front of the properties, and ample public parking lots are reportedly available in the open-air carpark located a minute’s walk away.

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.