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A commercial corner development site located near Farrer Park MRT station has been put up for sale with a guide price of $22 million, or $1,471 psf per plot ratio (psf ppr), revealed marketing agent JLL.
Enjoying a 40-metre wide dual frontage along Petain Road and Serangoon Road, the site comprises 450 Serangoon Road, which is a two-storey conservation shophouse with four-storey rear extension, and 452 Serangoon Road, a four-storey corner building with F&B use on the ground floor.
The freehold site has a combined land area of 4,984 sq ft – enabling potential buyers to amalgamate both properties to develop a 14,952 sq ft corner development. Potential uses include F&B, showroom, retail, medical, office, serviced apartments and entertainment, subject to authorities’ approval.
In fact, a written permission has been granted to redevelop 452 Serangoon Road into a commercial-cum-residential development with built-up of 10,391 sq ft. JLL revealed that the development charge to intensify 452 Serangoon Road has already been paid.
“Being situated on a prominent corner site, 450 & 452 Serangoon Road present developers and owner-occupiers with a rare opportunity to develop an iconic flagship building with potential naming rights,” said JLL capital markets associate director Clemence Lee.
“We’re confident that the prospective buyers would be able to appreciate the site’s excellent attributes such as its freehold tenure, city fringe location and flexible potential uses.”
He noted that the breakeven for the new development stands at about $2,000 psf, after factoring in the development cost.
“This compares favourably to the average price of $5,000 – $5,500 psf achieved for the strata retail units and $2,400 – $2,500 psf for the strata office units at the nearby Arc 380 and Centrium Square,” he added.
Since the property is located on land zoned for commercial use, foreigners can acquire the site with no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) payable.
The expression of interest exercise for the property closes on 13 September.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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