6 freehold shophouses in Serangoon Highway offered for S$62.5 million
By Sandy Pramuji
SINGAPORE – Six adjoining freehold shophouses at 322 to 332 Serangon Highway have been offered for S$62.5 million, PropNex Realty, the advertising and marketing agent for the properties, introduced in a press release on Thursday (26 January).
PropNex mentioned that the buildings have been offered by way of tender that was closed at 2pm on 9 September 2022.
The sale worth interprets to S$2,304 psf per plot ratio (psf ppr) based mostly on potential gross flooring space (GFA) of 27,125 sq ft.
Because the shophouses sit in a industrial zone, PropNex mentioned, the plot could be redeveloped right into a six-storey industrial constructing. The client won’t be subjected to the extra purchaser’s stamp responsibility (ABSD) or the vendor’s stamp responsibility (SSD).
Tracy Goh, Head of funding and Collective Gross sales at PropNex, mentioned that they obtained numerous enquiries for the shophouses from buyers. The properties’ outstanding location, proximity to varied facilities and Farrer Park MRT station drove buyers’ curiosity.
“Moreover, these shophouses are usually not beneath conservation and the client can select to redevelop them sooner or later to unlock better worth from the potential improve in GFA,” Goh added.
The shophouses are located subsequent to Centrium Sq. and reverse the Metropolis Sq. Mall. Different facilities within the space embody Mustafa Centre, Parkroyal On Kitchener Highway, Vacation Inn Singapore Little India, and Farrer Park Hospital.
Goh added, “We count on well-located industrial properties – notably close to employment areas and vacationer points of interest – to proceed to be on the radar of buyers, driving on the optimism from Singapore’s profitable transition to residing with COVID-19 and the reopening of nationwide economies. As extra individuals return to their workplaces and as tourism picks up, this might translate to extra demand for F&B and retail providers, which can then profit industrial property house owners and landlords.”