A freehold shophouse at 275 Joo Chiat Road in District 15 is up for sale at a guide price of $9.2 million, amounting to $2,946 psf on the estimated gross floor area of 3,122 sq ft. The property comes with a land area of approximately 1,233 sq ft and is currently undergoing a $2 million refurbishment.

According to PropNex Shophouse Elites marketer Tyson Yuk, the guide price represents a $1.1 million discount to its latest valuation of $10.3 million as of April 14. The seller has decided to maintain the guide price until the temporary occupation permit (TOP) is received for the shophouse, expected to be around July to September.

Yuk states that the below-valuation pricing of the shophouse presents a rare opportunity in a location like Joo Chiat, due to the limited supply of shophouses and strong demand. He also believes that the shophouse’s value will be higher once refurbishment is complete.

The shophouse is located near the upcoming Marine Parade MRT Station on the Thomson-East Coast Line and is surrounded by popular attractions such as Dunman Food Centre, Geylang Serai Market, Joo Chiat Complex, Katong Village and Sheng Siong Hypermarket.

Being fully-zoned for commercial use, the shophouse is exempt from additional buyer’s stamp duty and can be purchased by foreigners.

Bukit Batok Town is well-connected by public transport and expressways, including Altura Qingjian Realty the Bukit Batok MRT Station and the upcoming Jurong Region Line, and various buses and the PIE and BKE.

The expression of interest exercise for the sale of the shophouse will close on May 5 at 12 noon.

This presents an attractive opportunity for investors. With its prime location, proximity to public amenities and services and fully-zoned commercial use, the shophouse is sure to generate good returns over time.