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CBRE noted that the property is near various amenities such as Chomp Chomp Food Centre, myVillage at Serangoon Garden, and Serangoon Garden Market.
A two-storey corner shophouse at 67/67A Serangoon Garden Way has been put up for sale with an indicative price of $11.8 million or $4,241 per sq ft (psf) based on land area of 2,782 sq ft, revealed exclusive marketing agent CBRE.
With a built-up area of around 4,165 sq ft, the shophouse occupies a 999-year site that is zoned for “Commercial” use. This means foreigners and companies are eligible to acquire the property with no Additional Buyers’ Stamp Duty (ABSD) or Sellers’ Stamp Duty (SSD) payable.
The shophouse enjoys prominent road frontage along Serangoon Garden Way and has ample car parking space right at its doorstep. It is currently occupied by a bank, offering the successful buyer stable rental returns.
Michael Tay, Head of Capital Markets for Singapore at CBRE, described the $4,241 psf price based on land area as compelling when compared to recent transactions.
In December 2020, 56/56A Serangoon Garden Way was sold for $6,996 psf based on 2,123 sq ft land area, while 8/8A Kensington Way changed hands in June 2020 for $3,076 psf on 1,984 sq ft land area.
“Since last year, we have observed an increase in the demand for sub-urban shophouses. Hence, the subject property presents a timely opportunity for both investors and end-users to own a prime 999-year corner shophouse in the bustling and affluent Serangoon Garden estate, which has a large residential catchment,” said Tay.
“Given that people are now adopting a hybrid work model where, in addition to going to office, they also have a work-from-home schedule, the possibility of them patronizing the shops in neighbourhood establishments increases, and consequently, drives higher footfall to businesses housed in these shophouses.”
Aside from enjoying immediate rental income, the successful buyer can also explore alternative uses for the shophouse, including showrooms, F&B, retail shops, and healthcare/educational institutions, subject to authorities’ approval.
CBRE noted that the property is near various amenities, with prominent landmarks including Chomp Chomp Food Centre, myVillage at Serangoon Garden, Serangoon Garden Market, Serangoon Gardens Country Club as well as the French and Australian International School.
The public tender for the shophouse closes on 7 May.
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this story, email: victorkang@propertyguru.com.sg
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