Conservation shophouse in Kallang on the market for $6.2 mil

By
/ EdgeProp Singapore
|
September 25, 2020 6:00 AM SGT
SINGAPORE (EDGEPROP) - A 2½-storey, freehold conservation shophouse along Serangoon Road, located in Kallang in District 8, is on the market for $6.2 million ($3,350 psf) via private treaty, according to Edmund Tie, which is handling the sale.
Serangoon Road - EDGEPROP SINGAPORE
The Serangoon Road property is for sale at $6.2 million (Credit: Edmund Tie)
The property is located within the Jalan Besar Conservation Area. Under URA’s Master Plan 2019, it is zoned for commercial use with a plot ratio of up to 3.0. It occupies a land site of 1,851 sq ft, and has an approximate built-up size of 3,562 sq ft.
Currently, the ground floor is tenanted to a restaurant at about $6,600 per month while the upper floors — which house an office and event space — are tenanted for $4,800 per month, says Joy Tan, head of auction and sales at Edmund Tie. The sale of the property will come with these existing tenancies.
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The owners are looking to sell the property to diversify their existing portfolio. The shophouse last transacted in February 2014 for $4.5 million ($2,431 psf), based on caveats lodged with URA. The property underwent a renovation in 2018 and is “still in very good condition”, says Tan. The new owner therefore need not invest in further renovations, she adds.
The property is also considered rare as there are only around 6,500 conservation shophouses in Singapore. She also describes the shophouse — which is painted in turquoise — as “charming” because it features ornaments and an elaborate tiling facade.
There is also a private car park area at the rear of the shophouse for the owner or tenants to use. The access to upper levels is through an external staircase, which allows private access to the different levels.
The shophouse is in a convenient and accessible location. It is near Farrer Park and Boon Keng MRT Stations on the North-East Line, and Bendemeer MRT Station on the Downtown Line. Nearby amenities include City Square Mall and Mustafa Centre.
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As the property is zoned for commercial use, additional buyer’s stamp duty will not apply to the sale.