Joo Chiat shophouses sold to World Class Land
Aspial Corporation's subsidiary World Class Land has purchased a cluster of 18 shophouses that was put up for sale in early June this year. The freehold shophouses went for S$25.6 million.
The sellers are a
family trust, which initially wanted S$25 to S$30million for the units.
Looks like they got the lower end of that spectrum.
The shophouses consists of two rows, one faces Joo Chiat Road and the other faces Onan Road. The shophouses facing Joo Chiat are gazetted as conservation buildings, hence they cannot be torn down but refurbished. The ones facing Onan Road can be redeveloped into a residential block of up for five storeys.
Aspial says it plans to develop it into a mixed development of commercial and residential units.
More via Business Times and Channel News Asia.
Image: Wikipedia
Posted on 12-08-2009 11:25 | By John
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