Bookmark & Share
A freehold four-storey corner building at 452 Serangoon Road (pictured) has been put up for sale via public tender, revealed marketing agent CBRE.
Situated less than 200m from the Farrer Park MRT station, the property has a land area of 3,464 sq ft and an existing gross floor area (GFA) of 7,111 sq ft. The ground floor is currently leased to a 24-hour F&B operator, while the upper floors comprise residential units.
CBRE noted that the property offers multiple development opportunities, which include redeveloping it into a new commercial building with a total GFA of around 10,392 sq ft. The site is zoned commercial with a gross plot ratio of 3 under the Master Plan 2014.
A potential buyer can also raise the property’s GFA by 3,281 sq ft through asset enhancement work.
The property could be redeveloped into a “part 3/part 5-storey commercial-cum-residential development, according to a written permission granted by the authority, subject to further evaluation and approvals”.
“As a non-conservation building situated amidst a populous traditional heritage site, the future development will blend tastefully with the surrounding heritage pre-war shophouses,” said Sammi Lim, Director of Investment Properties at CBRE.
“We expect the tender to garner interest from contractors, developers and private equity funds who are actively seeking to purchase a strategically located freehold development plot.”
Lim noted that there is ensuing demand from investors “seeking income producing property with vast potential for asset enhancement to unlock further capital values of the asset and capitalise on a strong rental upside”.
She also expects robust interest from end-users on the lookout for a standalone flagship corporate headquarters with building naming and signage rights.
The tender exercise for the property will close on 9 May.
Image source: CBRE
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
Related Articles:
Keppel Land raises stake in Saigon Centre