Bookmark & Share
A conservation shophouse at Serangoon Road will be up for sale by auction, marketing agent DTZ announced Friday (13 May).
Located along Serangoon Road off Race Course Road and Beatty Road, the shophouse on 486 Serangoon Road consists of a two-storey shophouse and an attic, is accessible via an external
staircase to the upper floor. The freehold property has a total land area of approximately 2,096 sq ft, and a gross floor area of approximately 4,000 sq ft.
The shophouse is zoned for commercial use under the 2014 Master Plan and has a plot ratio of up to 3.0. According to DTZ, the property’s rear portion may be extended up to 5 stories – subject to approval from the relevant authorities.
The second floor has been permanently converted for residential use, it said.
Given the rarity of the property, DTZ’s Head of Auction Joy Tan said: “We expect a high level of interest, particularly from investors, as the subject property is currently tenanted and will immediately generate rental income for the owner. Furthermore, additional value and options become available if the rear portion is expanded to five stories – through capital appreciation, increased rents and more space for end users.”
The indicative price for the property is around S$6 million and is not subjected to any stamp duties.
The auction which will take place on Wednesday, 25 May at The Amara Hotel at 2:30pm.
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg