A cluster of 18 shophouses fronting Joo Chiat Road and Onan Road has been sold to property developer World Class Land for S$25.6 million.
This translates to S$410 per square foot on the existing gross floor area of the properties.
World Class Land is a unit of public-listed Aspial Corp.
The freehold site consists of two back-to-back rows of nine shophouses, each three-storeys tall.
The total gross floor area of the 18 shophouses is estimated to be about 62,500 square feet.
Under the 2008 Master Plan, these shophouses are gazetted as conservation buildings.
In a statement, Aspial said it plans to develop a mixed commercial and residential project at this newly-acquired site.
The costs of the acquisition and development will be funded internally and through bank borrowings.
Source : Channel NewsAsia – 11 Aug 2009