Serangoon Road freehold conservation shophouse for sale with S$4.5m guide price

A FREEHOLD two-storey conservation shophouse at 616 Serangoon Road has been put up for sale, via an expression of interest (EOI) exercise with a guide price of S$4.5 million, said exclusive marketing agent CBRE on Wednesday.

Sitting on freehold land of around 1,498 square feet (sq ft), the shophouse has a gross floor area of about 2,419 sq ft and a gross plot ratio of three.

It is located within the Jalan Besar Secondary Settlement Conservation Area and zoned for commercial use, which means foreigners can buy the property.

"With prices of CBD (central business district) shophouses rising over the last few months, we are noticing that investors are increasingly diverting their attention to city fringe shophouses whose prices have yet to catch up but rental yields are comparatively higher," said Clemence Lee, senior director of capital markets at CBRE.

The shophouse is visible from Serangoon Road and is being used as an office. However, Mr Lee added that the buyer can explore converting the space into a gym or a restaurant, subject to approval from the relevant authorities.

Other developments and facilities in the area include Centrium Square, Uptown @ Farrer, Tekka Place, City Square Mall, Aperia Mall, the newly renovated Kwong Wai Shui Hospital and the upcoming Kallang Polyclinic.

The EOI exercise will close on May 20, 3pm.