The new owner has the option to redevelop the site into a six-storey commercial building with a gross floor area of up to 27,125 sq ft, says PropNex. (Picture: PropNex Realty)
SINGAPORE (EDGEPROP) - A portfolio of six freehold shophouses on Serangoon Road will be put up for sale collectively with a guide price of $63 million in a tender on Aug 2. The properties are marketed by PropNex Realty.
Read also: Euro-Asia Apartments on Serangoon Road up for collective sale at $218 mil
The six adjoining properties are located at 322–332 Serangoon Road in District 8. The two-storey shophouses are located at the junction of Serangoon Road and Kitchener Road, and enjoy double street frontage along both roads.
The buildings sit on a 9,042 sq ft site that is zoned for commercial use with a gross plot ratio of 3.0 under the latest Master Plan. As a result, the new owner has the option to redevelop the site into a six-storey commercial building with a gross floor area of up to 27,125 sq ft, says PropNex. (Find Singapore commercial properties with our commercial directory)
The shophouses are next to Centrium Square and are opposite City Square Mall. Nearby developments include shopping centres such as Mustafa Centre, hotels such as Parkroyal on Kitchener Road and Holiday Inn Singapore Little India, as well as Farrer Park Hospital.
Farrer Park MRT Station on the North-East Line is less than 200m from the row of shophouses.
According to the press release from PropNex Realty, the ground-floor units of the shophouses are currently leased to several F&B operators, while the second floor units are leased to public entertainment operators.
“We expect the portfolio of shophouses to attract strong interest as it is rare to find such freehold, commercial assets that enjoy great visibility, heavy pedestrian traffic, and close proximity to an MRT station,” says Tracy Goh, head of investment and collective sales at PropNex.
She adds that these attributes will support the rental income growth and continued capital appreciation of these properties. “Foreigners, high-net-worth individuals and family offices will find this asset attractive as the additional buyer’s stamp duty and seller’s stamp duty are not payable for commercial properties,” she says.
The tender for this portfolio of properties will close on Sept 9.
Check out the latest listings near Serangoon Road, Farrer Park MRT Station