Serangoon Road commercial building for sale at S$20m

A COMMERCIAL property along Serangoon Road has been offered for sale with an indicative guide price of S$20 million, or S$2,250 per square foot (psf) on built-up area.

The four-storey building at 466 Serangoon Road sits on a plot spanning about 2,236 square feet (sq ft). The land tenure is for 999 years from 1860. The building occupies a total floor area of about 8,890 sq ft, including a covered walkway and a private carpark with three parking lots. 

The property is 250 m from Farrer Park MRT station and is within a 10 minute drive to the city centre. It is located within the Jalan Besar Conservation Area. Potential uses for the building include F&B, co-living, clinic, commercial school and showroom, subject to approval, said exclusive marketing CBRE.

As it is a commercial building, foreigners are eligible to purchase and there will be no Additional Buyer’s Stamp Duty or Seller’s Stamp Duty imposed on the property transaction. 

Also for sale in the neighbourhood is Piccadilly Grand, a joint residential project by City Developments Ltd and MCL Land. CBRE labelled it as “one of the hottest residential property launches” in the area.

The 99-year leasehold development sold 315 out of 407 units on its launch weekend at an average selling price of S$2,150 psf – a new benchmark for the district – in May last year.

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Investors’ confidence in District 8 has been demonstrated by the firm interest in properties within the area, said CBRE. Data from the Urban Redevelopment Authority showed that shophouse sales in the district grew by more than 40 per cent in 2022 to S$498 million from 2021.

Notable shophouse transactions in the area include the sale of 322-332 Serangoon Road for S$62.5 million, 109-117 Jalan Besar for S$40 million and the sale of 309 and 311 Jalan Besar for S$28 million. 

Clemence Lee, executive director of capital markets at CBRE, said that the site is within a location that is “fast transforming into a thriving commercial and medical hub”. 

The expression of interest exercise closes on Mar 7.