SINGAPORE (EDGEPROP) - Savills Singapore is marketing the sale of a freehold shophouse at 585 Serangoon Road for $5.65 million. The three-storey conservation shophouse comes with a four-storey rear extension, and the building has an estimated gross floor area of 4,037 sq ft. The guide price translates to $1,399 psf on the floor area.

The property sits on a total site area of 1,285 sq ft and under the 2020 Master Plan, the plot is zoned for commercial use with a gross plot ratio of 3.0. The shophouse also has a permanent approval for “shop” and “takeaway foodshop” on the 1st and 2nd floors, while the rest of the upper floors have approval to operate as a “clubhouse”.

The shophouse is located close to the junction of Serangoon Road, Balestier Road, and Lavender Street. It underwent a renovation amounting to $2 million in 2013, and is equipped with modern specifications such as a passenger lift, a new concrete staircase and flooring,
and a built-in vault.

According to Yap Hui Yee, director of investment sales & capital markets at Savills Singapore, the Lavender/Kallang areas where the shophouse is located has benefitted from rejuvenation effects of new developments. New residences include 1953 and Kempas Residences, and large-scale commercial developments include Arc 380, Centrium Square, and Kallang Polyclinic and Long-Term Care Centre. Nearby MRT stations are Boon Keng and Farrer Park.

Check out the latest listings near Serangoon Road, Kempas Residences, Centrium Square, Kallang Polyclinic & Long-Term Care Centre, Boon Keng MRT