Five Joo Chiat shophouses up for sale

Five adjoining shophouses along Joo Chiat Road were put up for sale on Monday (Sep 14), with the seller seeking bids on a freehold basis in excess of S$14 million.

In a statement on Monday, property consultancy firm Chestertons said that the shophouses, numbered 142, 144, 146, 148, and 150, have a total land area of approximately 7,503.58 square feet.

The site is zoned under “Commercial” in the 2014 Master Plan and has a plot ratio of 3.0, which allows up to a maximum gross floor area of approximately 22,510.74 square feet.

The successful buyer may redevelop the properties and build up to five storeys, as long as the original height of the building and the parts to be conserved are retained, Chesterons said.

Interested buyers can also bid on a 99-year lease basis for the freehold properties to reduce the purchase price, said Chestertons, but added that the vendor “will decide the tenure disposal” after the bidding process is over.

The Joo Chiat area has seen increased interest by investors due to plans to turn nearby Paya Lebar into a sub-regional centre. Upcoming projects in the area include Wisma Geylang Serai, and a 3.9 hectare integrated development by Australian developer Lend Lease and the Abu Dhabi Investment Authority.

Bids for the shophouses close on Oct 8, 2015, at 4pm.

Source : Channel NewsAsia – 14 Sep 2015

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