Six Serangoon Road shophouses sold for S$62.5m
A PORTFOLIO of six adjoining freehold shophouses at 322 to 332 Serangoon Road has been sold for S$62.5 million via a tender that closed on Sep 9, 2022 after its launch on Aug 2.
Exclusive marketing agent PropNex said on Thursday (Jan 26) the sale price translates to S$2,304 per square foot per plot ratio based on the property’s potential gross floor area (GFA).
The District 8 site is zoned for commercial use under the Urban Redevelopment Authority’s Master Plan 2019, with a gross plot ratio of 3.0.
PropNex said the plot can be potentially redeveloped into a six-storey commercial building with a GFA of 27,125 square feet.
The six two-storey shophouses are fully leased to food and beverage operators such as ABC Nasi Kandar and Chinese eateries on the ground floor. The space on the second level is also fully leased to public entertainment operators.
PropNex’s head of investment and collective sales Tracy Goh said there were a number of enquiries for the portfolio from investors, including high-net-worth individuals and family offices.
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“They are attracted to the properties’ prominent location in the city fringe – with double frontage to Serangoon Road and Kitchener Road – as well as proximity to various amenities and being opposite the Farrer Park MRT station,” Goh said.
“Furthermore, these shophouses are not under conservation and the buyer can choose to redevelop them in the future to unlock greater value from the potential increase in GFA,” she added.
Meanwhile, Goh also said the commercial property sector, which includes shophouses, strata office space and commercial land, is likely to continue to appeal to investors as these properties are not subject to additional buyer’s stamp duty.
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