Joo Chiat shophouses on the block

Five connected Joo Chiat shophouses are up for sale with realtors expecting bids of up to $14 million for the conservation properties.

The shophouses are currently owned by a private investment company and are being offered for sale by Chestertons via expressions of interest. They are located in the heart of the Joo Chiat Conservation Area and occupy a site of about 7500 sqft.

Chestertons MD Donald Han says the company is soliciting bids on a freehold and 99-year lease basis from prospective investors.

“Yield-driven investors may find the 99-year leasehold tenure more palatable.”

Han says the Joo Chiat area has recently witnessed a sales upturn, with more than 10 transactions since April.

“Investors are looking for catalysts before deciding where and when to put their money. The Paya Lebar sub-regional centre is a compelling catalyst, where we have seen the completion and opening of OneKM Mall and Paya Lebar Square.”

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