FOR SALE BY EXPRESSION OF INTEREST: Five Adjoining Prime Freehold Commercial Conservation Shophouses at 185/187/189/191/193 Joo Chiat Road

SINGAPORE, Feb. 11, 2025 /PRNewswire/ -- Brilliance Capital Pte. Ltd. is delighted to present a rare and exceptional opportunity to acquire five adjoining freehold conservation shophouses strategically located in the heart of Joo Chiat Road, a vibrant and heritage-rich enclave. These properties are poised to attract discerning investors seeking prime commercial assets with significant potential for redevelopment and long-term growth.

Spanning a total land area of approximately 6,185 square feet across five individual freehold titles, the shophouses feature a combined gross floor area (GFA) of approximately 14,647 square feet. Thoughtfully designed with a 2-storey front and attic, complemented by a 3-storey rear extension, the properties are zoned 'Commercial' with a Plot Ratio of 3.0 under the 2019 URA Master Plan. The shophouses also offer exciting redevelopment opportunities, with the potential to extend the rear to five storeys, maximizing the allowable GFA to 18,553 square feet (subject to relevant authorities' approval).

Strategically located on a prominent corner plot, the shophouses enjoy dual road frontages spanning approximately 70 metres along Joo Chiat Road and Joo Chiat Lane. This prime visibility enhances accessibility and offers excellent branding opportunities for tenants. Street parking is available directly in front of the shophouses, with additional public parking just a minute walk away, ensuring convenience for patrons and visitors alike.

The ground-floor units are fully leased to a strong mix of reputable Food & Beverage (F&B) operators and lifestyle brands, generating steady and robust rental yields. Four of the five units hold rare Restaurant Use approvals, a particularly valuable asset given the URA's current restrictions on granting new restaurant permits in the Joo Chiat and East Coast area. These well-established businesses attract high footfall, creating a dynamic and bustling environment for both tenants and customers.

Joo Chiat's prominence as a lifestyle and retail destination has grown tremendously over the years, increasingly outpacing traditional retail hubs like shopping malls. According to a recent news article, niche brands and specialty businesses are gravitating toward gentrified areas like Joo Chiat, Tanjong Pagar, and Holland Village for their better connectivity and unique charm, instead of conventional shopping malls. These areas are especially attractive to boutique businesses and high-end brands looking to build authenticity and individuality in heritage-rich spaces.

Recently, Joo Chiat has seen luxury brands like Louis Vuitton hosting pop-ups and other notable players entering the area, adding a prestigious element to the locale. This trend is driven by evolving consumer preferences, particularly among Gen Zs, who prioritize authenticity, unique experiences, and meaningful engagement with brands. As such, conservation shophouses like these are becoming the centerpiece of Singapore's evolving retail landscape, offering brands a way to stand out in a competitive market.

These properties also offer immense value-add potential through creative tenant repositioning and Asset Enhancement Initiatives (AEI). The upper floors can be repositioned for alternative uses such as boutique gyms, co-working, co-living spaces, professional services like medical or dental clinics or pet hotels (subject to approval). Additionally, reconfiguring internal layouts can maximize space efficiency, creating larger, more functional spaces to cater to modern tenant demands. The charm of these conservation shophouses, classified under Secondary Settlements, further ensures adaptability while preserving their historical significance.

Located in a dynamic lifestyle destination, the shophouses are surrounded by an eclectic mix of cafés, boutique grocers, and lifestyle retail outlets. The area boasts excellent connectivity, with the shophouses just minutes' walk from i12 Katong Mall and a 5-minute drive to East Coast Parkway (ECP). Additional lifestyle hubs nearby include Parkway Parade, Paya Lebar Quarter (PLQ Mall), and Kinex Mall, making this a highly desirable location for tenants and visitors.

The purchase of these properties is not subject to Additional Buyer's Stamp Duty (ABSD) or Seller's Stamp Duty (SSD), making them particularly attractive to foreign and corporate buyers. Furthermore, with single ownership, the acquisition process is streamlined for hassle-free transactions.

Previously offered at S$62 million, the adjusted asking price is S$59.8 million, translating to approximately S$11.96 million per shophouse. The shophouses are available for collective or individual sale, providing flexibility for a wide range of investment strategies.

Ms. Sammi Lim, Founder and Executive Director of Brilliance Capital Pte. Ltd., shared, "This offering represents a rare chance to acquire not just five adjoining freehold conservation shophouses, but also a highly coveted corner plot. Opportunities like this, where all units are contiguous and located in such a prominent position, are extremely rare to come by in Singapore's tightly held property market. The prime corner location, coupled with dual road frontages, also presents unparalleled branding opportunities. Future owners can capitalize on the potential for prominent signages and naming rights, ensuring strong visibility and creating a unique identity for their businesses. With their strategic positioning, strong tenant profile, and redevelopment potential, these shophouses offer an exceptional value proposition for investors, developers, and end-users alike. Opportunities like this, particularly with existing Restaurant Use approvals and flexibility for further enhancements, are increasingly scarce in Singapore."

Brilliance Capital is the sole marketing agent for this Expression of Interest.

The Expression of Interest closes on 25 March 2025, Tuesday at 3:00 p.m.

Note to editors:

One high-resolution photograph of the properties is enclosed.

About Brilliance Capital Pte. Ltd.

Brilliance Capital is a premier real estate agency specializing in bespoke advisory and transaction services for high-net-worth individuals, family offices, property developers, and institutions in Singapore and globally.

Founded and led by Sammi Lim, our team of top-tier professionals excels in selling and leasing luxury residential, commercial, and industrial properties, as well as collective sales. We also offer tailored consultancy and advisory services, addressing personal, professional, and investment needs with precision and care.

Backed by deep market insight and a robust international network, Brilliance Capital is dedicated to building lasting relationships and delivering exceptional real estate outcomes.

SOURCE Brilliance Capital