On the market for $9.2 million is a freehold shophouse on Joo Chiat Road

A shophouse with a freehold at the 275th floor of Joo Chiat Road in District 15 is for sale at a suggested value in the range of $9.2 million. The figure is $2,946 per square foot on the gross floor area of 3,122 square feet.

The Myst brochure is known for its excellence in Singapore’s real estate industry. This new condo offers them the opportunity to take advantage of upcoming developments in the area and provide residents unparalleled convenience.

The shophouse is situated on a land space of about 1,233 square feet. The building is currently under $2 million renovation, which includes the construction of a four-storey rear extension as well as the addition of a lift that is mechanical. Construction is scheduled in the end of 3Q2023.

Based on Tyson Yuk of PropNex Shophouse Elites who is selling the property the price is an $1.1 million reduction from its most recent valuation of $10.3 million at the time of April 14. Seller has decided to hold the estimated price of $9.2 million that was established ahead of the in-depth appraisal until the temporary occupation permits (TOP) is granted to use the building as a shop. The TOP is anticipated to arrive around July through September.

“The lower-than-valued price of the shophouse is an exceptional opportunity in a place such as Joo Chiat, which is predicted to grow in popularity due to the lack of shops for sale and the high demand from investors who invest in shophouses in the region,” says Yuk. The property’s value is likely to increase once the renovations are completed.

The shophouse is 10 minutes walk from the planned Marine Parade MRT Station on the Thomson-East Coast Line. Yuk states that the property is located near popular tourist attractions like Dunman Food Centre, Geylang Serai Market, Joo Chiat Complex, Katong Village and Sheng Siong Hypermarket.

Because the property is fully zoned for commercial use it is exempted from stamp duty on buyers and is able to be purchased by foreign buyers.

Sale of the storehouse will be done through an express of interest process. The sale will end on May 5th at 12 noon.