Freehold corner commercial development at Joo Chiat Road and Koon Seng Road for sale by public tender
With an indicative price of $34 million, or approximately $1,627 psf on GFA
SINGAPORE, 10th March 2020 – JLL, as the exclusive marketing agent, is proud to present for sale JK Centre – a part 2-storey, part 5-storey commercial development, completed circa 2011. The development is currently being held under a single title.
The freehold 8,491 sf site is zoned “Commercial” with an estimated gross floor area (“GFA”) of 20,895 sf. It is located within the Joo Chiat Conservation Area under the Master Plan 2019. The building houses a supermarket on the ground floor, retail units on the second level and office units on levels three to five.
Nestled in the Joo Chiat / Katong heritage precinct, the Property is located in one of Singapore’s most vibrant neighbourhoods, characterised by its strong Peranakan influence reflected in both the architecture of the shophouses as well as the various Peranakan restaurants in the area. Designated by the National Heritage Board in 2011 as Singapore’s first Heritage Town, the Joo Chiat area has been through extensive rejuvenation over the last decade before transforming into a popular F&B and lifestyle destination.
Mr. Tan Hong Boon, Executive Director, Capital Markets, JLL, said: “Given its highly coveted freehold tenure and prominent corner location with double frontages, JK Centre presents investors with a rare opportunity to own a flagship building with excellent visibility and naming rights. In addition, the property’s commercial zoning also means that there is no Additional Buyer’s Stamp Duty payable on the property and no foreign ownership restrictions.”
He added, “Along Joo Chiat Road itself, we have observed a few co-working and co-living spaces being established. They include Hmlet’s co-living spaces at 339 and 467 Joo Chiat Road and Spaces, which is set to begin operations of its co-working space this year at 292 Joo Chiat Road, directly across the road from JK Centre. Similarly, there is potential for the incoming investor to capitalise on more intensive leasing activities and/or higher value uses to enjoy a higher rental and capital upside.”
Investors may consider holding the property long term to enjoy a stable rental income, followed by subsequent strata subdivision and sale to end-users and investors as a potential exit strategy. The development had been granted provisional strata subdivision approval back in 2013.
The indicative price for the Property is $34 million reflecting $1,627 psf on the estimated GFA.
The tender for JK Centre closes on Wednesday, 15th April 2020 at 3.00 p.m.
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