By Fiona Lam
source: The Business Times
A block of conservation shophouses in Joo Chiat has been put on the market for $21 million via private treaty, exclusive marketing agent Isabel Redrup Agency told The Business Times.
The freehold residential site at 33,35, 37,39 and 41 Tembeling Road has a land area of about 8,969 square feet (sq ft).
Its price tag works out to about $2,341 per square foot (psf) based on the existing total built-up area of 15,682 sq ft.
However, architects have estimated that the possible built-up area could reach some 23,601 sq ft, said
Susan Prior, managing director of Isabel Redrup, a boutique firm specialising in Singapore conservation properties
“The buyer can add between 1,500 sq ft and 2,200 sq ft to each unit,” she noted.
There is also a back lane spanning 3,229 sq ft, which may potentially be added to the site, she said.
The property houses a courtyard and space for a garden.
Ms Prior added: “This is a rare chance to develop a residential block of five shophouses into a single entity, to possibly serve as a home for a multi-generational family, or as a co-living complex or serviced residences for short-term stays of at least three months.”
Co-living operator Figment isa tenant in two of the units and has renovated them, she told BT.
Located at the intersection of Joo Chiat Place and Tembeling Road, the row of shophouses is situated along a quiet street, with parking lots available at a public car park just across the road.
The Katong V mall and Katong Shopping Centre are about an eight minute drive away.
“The vibrancy of the Joo Chiat, East Coast and Geylang amenities are within a 1-2 kilometre radius of the shophouses,” said Ms Prior.
Educational institutions nearby include Haig Girls’ School, which is a three-minute walk away; Tanjong Katong Girls’ School and Tanjong Katong Secondary are a four-minute drive to the property.
By car, the shophouses are roughly 20 minutes to Tanjong Pagar and Raffles Place.
A slew of shophouses in Singapore has been launched for sale in recent weeks, as the market awakens after a months-long lull.
Other shophouses that have come to the market of late include assets in Tiong Bahru, Bugis and Telok Ayer.