JK Centre up for sale for $34mil

Located within the Joo Chiat conservation area, the part two-storey, part five-storey development sits on an 8,491 sq ft site that is zoned “Commercial” under the 2019 Master Plan.

JK Centre, a freehold commercial development located at the junction of Joo Chiat Road and Koon Seng Road, has been put up for sale with an indicative price of $34 million, reported The Business Times.

This works out to $1,627 per sq ft (psf) based on the property’s gross floor area of around 20,895 sq ft, said marketing agent JLL.

Located within the Joo Chiat conservation area, the part two-storey, part five-storey development sits on an 8,491 sq ft site that is zoned “Commercial” under the 2019 Master Plan.

While the property has been granted provisional strata subdivision approval in 2013, it is presently held under a single title.

JK Centre features a supermarket on the ground floor and retail units on the second level. There are also office units on the third to fifth levels.

Boasting dual frontages, the building is near co-working and co-living spaces – namely Spaces and Hmlet.

This offers investors a rare opportunity to own a flagship building with naming rights and excellent visibility, noted Tan Hong Boon, Executive Director of Capital Markets at JLL.

For a higher rental and capital upside, investors can also capitalise on more intensive leasing activities and/or higher-value uses, he said.

“Investors may consider holding the property long term to enjoy stable rental income, followed by subsequent strata subdivision and sale to end-users and investors as a potential exit strategy.”

Meanwhile, foreigners are eligible to acquire the property with no Additional Buyer’s Stamp Duty payable.

The tender for JK Centre closes on 15 April.

Source: CommercialGuru, 11 March 2020