Interested buyers of the conservation shophouses will not be imposed with Additional Buyers’ Stamp Duty or Sellers’ Stamp Duty as well. 

A row of six adjoining three-storey conservation shophouses along Joo Chiat Road has been put up for sale via public tender, revealed CBRE.

To be sold as a bundle, the freehold shophouses are located at 454, 456, 458, 460, 462, 464 Joo Chiat Road.

With a built-up area of around 13,000 sq ft, the property is nestled on a 7,400 sq ft site that is zoned commercial under the 2019 Draft Master Plan with a plot ratio of 3.0 and a maximum allowable gross floor area of around 22,200 sq ft.

CBRE noted that the buyer can choose to enjoy stable rental income, based on the current GFA or value add to the property and fully maximize the allowable GFA by building a rear extension, subject to authorities’ approval.

The buyer can also opt to configure the space to suit own-use requirements or to cater to the needs of the tenants.

Subject to the evaluation of authorities, the property is well suited for hostel operators, a co-working business, F&B and lifestyle retailers and a medical or healthcare centre.

“We expect robust interest in this property due to the rarity of a row of six freehold conservation shophouses with existing F&B approvals in a strategic location – being made available for sale. There will be no Additional Buyers’ Stamp Duty or Sellers’ Stamp Duty imposed on local or foreign buyers,” said CBRE associate director of capital markets Yap Hui Yee.

The tender for the shophouses closes on 30 August.

Source: 18 Jul 2019, CommercialGuru