Cluster of 18 shophouses in Joo Chiat up for sale

Property consultants Credo Real Estate has just released a unique cluster of 18 shophouses in the Joo Chiat area for sale by tender.

The properties are owned by a family trust, who is seeking offers in the region of S$25 to S$30 million.

The cluster consists of two back-to-back rows of nine units of freehold three-storey shophouses which are part of the gazetted Joo Chiat Conservation area. One row faces Joo Chiat Road while the other fronts Onan Road.

The freehold site measures some 35,440 square feet and the total gross floor area of the 18 shophouses is estimated to be 62,489 square feet.

Under URA’s Conservation Plan for the Secondary Settlement of Joo Chiat, the shophouses along Joo Chiat Road are gazetted as conservation buildings.

Buyers are allowed to refurbish the buildings and add more floor area before renting or selling them as individual shophouse units.

The shophouses along Onan Road, which is largely residential in nature, are not gazetted as conservation buildings and can be redeveloped into a residential block of up to five-storeys.

Source : Channel NewsAsia – 8 Jul 2009

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