Freehold Joo Chiat commercial building for sale from $18 mil
A freehold, four-storey-with-attic commercial building along Joo Chiat Road has been put up for sale by Expression of Interest (EOI), with a guide price of $18 million to $20 million, or $969 to $1,077 psf. The property has a 4,686 sq ft site area and gross floor area (GFA) of 18,571 sq ft. It is tenanted to a single company.
The building comes with lift and car parking space for nine vehicles. It has a 3.0 plot ratio under the 2014 Master Plan. Mary Sai, executive director of investment and capital markets at Knight Frank Singapore, who is handling the sale, reckons that the asking price is reasonable. She points to a four-storey building at 381 Joo Chiat Road that was sold for $27 million, or $1,093 psf earlier this month.
The property at Joo Chiat Road is ideal for operations that require their own parking space, something not common in the Joo Chiat area, which is dominated by shophouses, and where parking is typically an issue, according to Sai. The EOI exercises closes on April 19.
The property at Joo Chiat Road is tenanted to a single company (Credit: Knight Frank Singapore)
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