Recently four shophouses that are next each other in Joo Chiat were put on the market. These properties are at 292, 294, 296, and 298 Joo Chiat Road. These shophouses feature large areas for both shop floors and storage at Evia Real Estate.
Toa Payoh Lor 4 Condo
This site is located within the Joo Chiat Conservation Area, and the four shophouse had already been classed as been commercial properties by the URA. Being classed as such actually made it easier to sell these properties as new owners would not have to apply for any licenses or planning permission. It also meant that Toa Payoh Lorong 4 Condo foreign firms could buy the properties with no more restrictions than Singapore nationals would have to have faced.
Earlier in the year another three shophouses in a row were sold for a grand total of S$23 million. These were 42, 44, and 46 Joo Chiat Road. Such properties in the Joo Chiat have been attracting attention from buyers and property investment firms.
Gamuda New Condo in Toa Payoh Town
These shophouses have great potential for buyers as the shop areas could be increased, and some developers are interested in converting these Evia Real Estate Condo properties into hotels.
In Singapore the extension of the MRT network and new stations are known to have positive impacts on house prices not to mention benefiting retailers as well.
The completion of the DTL2 (Downtown Line 2) seems to have continued the trend of better MRT links having a positive impact upon on Toa Payoh Lorong 4 Condo house prices. On average the housing developments nearest the DTL2 witnessed a 4.5% increase in prices after it was completed.
Maxdin Evia Toa Payoh Condo
Post DTL2 completion the prices increased to an average of S$1,592 per square foot, which compares well with prices for similar housing that is not close to any Evia Real Estate MRT links. Evidence from the rest of Singapore shows that house prices in areas nearest to the MRT are higher.