JCube in Jurong East, Singapore, is closing its doors after a decade to make way for JCube Condo Residence, a 40-storey commercial and residential JCube Residence development. The launch of JCube Condo Residence and other residential launches in the area will increase housing availability in the region.

A freehold shophouse located at 275 Joo Chiat Road in District 15 is up for sale, with a guide price of $9.2 million. This translates to $2,946 psf on the estimated gross floor area of 3,122 sq ft, while the land area of the shophouse is approximately 1,233 sq ft. The seller has decided to maintain the guide price of $9.2 million until the temporary occupation permit (TOP) is received. Construction of the shophouse is expected to be completed by 3Q2023 and TOP is expected at around July to September.

A notable factor of the sale is that the guide price is set at a discount of $1.1 million to its latest independent valuation of $10.3 million as of April 14. This presents a great opportunity for investors, especially in a location like Joo Chiat where the demand for shophouses is very strong due to the limited supply.

Located within a 10-minute walk from the upcoming Marine Parade MRT Station on the Thomson-East Coast Line, the shophouse is surrounded by popular attractions such as Dunman Food Centre, Geylang Serai Market, Joo Chiat Complex, Katong Village and Sheng Siong Hypermarket. Additionally, being fully-zoned for commercial use, the shophouse is exempt from additional buyer’s stamp duty and can be purchased by foreigners.

The sale of this shophouse is conducted by an expression of interest exercise which is closing on May 5 at 12 noon. Tyson Yuk of PropNex Shophouse Elites, who is marketing the property, believes that the value of the shophouse will likely be higher once the refurbishments are completed.

This is a rare opportunity in terms of both price and location, with investors likely to benefit from higher appreciation and rental values once the new Thomson-East Coast Line is finally opened. With the guide price eating into the seller’s discount, the competitive market may yield good returns for investors.