Shophouses in Kampong Glam and Serangoon Gardens up for sale

SINGAPORE (EDGEPROP) - Two shophouses in Kampong Glam and Serangoon Gardens have been put up for sale via expression of interest (EOI). Both properties are marketed by Knight Frank Singapore.
The first is located at 18 Bali Lane, in the heart of Kampong Glam. The two-storey conservation shophouse with attic has a total built-up area of approximately 1,919 sq ft. It has a guide price of $6.9 million, or $3,600 psf based on the floor area. The shophouse is zoned “commercial” under the Master Plan 2014 and has a 999-year leasehold tenure. It is currently tenanted.
The two-storey shophouse with attic at 18 Bali Lane (Credit: Knight Frank Singapore)
“With nearby 11 Bali Lane recently sold for $18.8 million ($4,017 psf), the owner was encouraged to put up the shophouse at 18 Bali Lane for sale,” says Mary Sai, executive director of investment and capital markets, Knight Frank Singapore.
She highlights that another shophouse at the nearby Bussorah Street was sold for $5 million in July 2018.
The property has a balance lease of 83 years and land size of 1,741 sq ft.
Over in the Serangoon Gardens estate, a corner two-storey shophouse with a land area of 1,618 sq ft and a built-up area of about 3,000 sq ft has also been put up for sale.
A corner two-storey shophouse at Serangoon Gardens (Credit: Knight Frank Singapore)
The property has a 999-year leasehold tenure and is currently fully tenanted. The guide price of $8.5 million translates to $2,933 psf based on built-up area.
According to Sai, the last transaction in the area was at 65 Serangoon Garden Way, which was sold for $8.8 million at the end of last year.
As the shophouses at Kampong Glam and Serangoon Gardens are zoned “commercial”, there will be no additional buyer’s stamp duty and seller’s stamp duty payable. Foreigners and companies are also eligible to purchase the properties.
The EOI exercises will close on Nov 28,...