A ROW of six adjoining three-storey shophouses along Joo Chiat Road has been put for sale via public tender, real estate services firm CBRE said on Wednesday.
To be sold as a bundle, the conservation shophouses are located at 454, 456, 458, 460, 462, and 464 Joo Chiat Road. They sit on a freehold site of about 7,400 square feet (sq ft) and the total existing built-up area is around 13,000 sq ft.
The property is zoned for commercial use with a plot ratio of 3.0 and a maximum allowable gross floor area (GFA) of some 22,200 sq ft, under the Urban Redevelopment Authority's Draft Master Plan 2019.
CBRE said the buyer can choose to either immediately receive stable rental income based on the current GFA, or value-add to the property and fully maximise the allowable GFA by building a rear extension, subject to the authorities' approval.
Alternatively, the buyer can configure the space to suit his or her own-use requirements or to cater to the needs of the tenants, CBRE added.
The public tender exercise will close at 3pm on Aug 30.
CBRE's associate director of capital markets, Yap Hui Yee, said: "We expect robust interest in this property due to the rarity of a row of six freehold conservation shophouses with existing F&B (food and beverage) approvals in a strategic location being made available for sale."
There will be no additional buyer's stamp duty or seller's stamp duty imposed on local or foreign buyers.
Joo Chiat is characterised by a mix of colourful shophouses of Peranakan heritage that house popular F&B shops, trendy bars and hipster boutiques. One of the six shophouses is tenanted to a homegrown cafe brand, Sinpopo, Ms Yap said.
Source: Business Times, 18 July 2019