A freehold shophouse at 275 Joo Chiat Road in District 15 is up for sale at a guide price of $9.2 million. The location is expected to gain more traction due to the limited supply of shophouses for sale and strong demand from shophouse investors in this area. With a land area of approximately 1,233 sq ft, the price works out to $2,946 psf on the estimated gross floor area of 3,122 sq ft.The shophouse is undergoing a $2 million refurbishment, including the addition of a four-storey rear extension and the installation of a mechanical lift. Construction is expected to be completed by 3Q2023 and the TOP is expected at around July to September. It is located about a 10-minute walk away from the upcoming Marine Parade MRT Station on the Thomson-East Coast Line, as well as being surrounded by a number of popular attractions such as Dunman Food Centre, Geylang Serai Market, Joo Chiat Complex, Katong Village and Sheng Siong Hypermarket.The seller has decided to maintain the property’s guide price of $9.2 million, which is less than it’s independent valuation of $10.3 million from April 14. According to Tyson Yuk of PropNex Shophouse Elites who is marketing the property,”This offers a rare opportunity for buyers”.Furthermore, the property is fully-zoned for commercial use, exempting additional buyer’s stamp duty as it can be purchased by foreigners. An expression of interest exercise will close on May 5 at 12 noon.This investment opportunity presents great value in a sought-after area, with the refurbishment potentially increasing the property’s value even further.
At 275 Joo Chiat Road in District 15, a $2 million refurbishment is taking place on a freehold shophouse. This includes a four-storey rear extension and the addition of a mechanical lift, with completion estimated to be by 3Q2023. With an estimated gross floor area of 3,122 sq ft, the guide price for this property is set at $9.2 million, representing a $1.1 million discount on it’s April 14th valuation of $10.3 million.
This discounted offer presents a rare opportunity for shophouse investors, with the location likely to increase in popularity due to the limited supply of similar properties available for sale. Tyson Yuk of PropNex Shophouse Elites, who is marketing the property, suggests that the value of the shophouse will naturally increase post-refurbishment.
Nearby attractions, approximately a 10-minute walk away, include the upcoming Marine Parade MRT Station on the Thomson-East Coast Line and places such as Dunman Food Centre, Geylang Serai Market, Joo Chiat Complex, Katong Village, and Sheng Siong Hypermarket.
Due to the property being zoned for commercial use, there is exemption from additional buyer’s stamp duty and the potential for foreign purchase. The sale of the shophouse is set through an expression of interest exercise, which closes on May 5th at 12 noon.
J’den Condo is a 40-storey residential and commercial development expected to be completed by 2027, with a price tag of S$2,000 to S$2,100 psf. It is located at the heart of Jurong East MRT Station and will be linked to other J’Den Condo amenities in the vicinity.
Considering the low-priced guide value, the potential for increased value post-refurbishment, and the attractive location, this is a great opportunity for investors looking to acquire a freehold shophouse.
