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The two-storey 1,498 sq feet freehold shophouse at Serangoon Road is zoned for commercial use. Source: Google Maps
A freehold two-storey conservation shophouse at 616 Serangoon Road has been put up for sale via expression of interest (EOI), with a guide price of $4.5 million, revealed exclusive marketing agent CBRE.
Nestled on a freehold site of around 1,498 sq ft, the shophouse has a gross floor area of about 2,419 sq ft and a gross plot ratio of 3.0. It is situated within the Jalan Besar Secondary Settlement Conservation Area and is zoned for “Commercial” use under the 2019 Master Plan.
This means foreigners can acquire the shophouse with no Additional Buyer’s Stamp Duty or Seller’s Stamp Duty payable.
Currently, the shophouse is used as an office, said Clemence Lee, Senior Director of Capital Markets for Singapore at CBRE.
Notable developments within the area include City Square Mall, Uptown @ Farrer, Centrium Square, Aperia Mall, Tekka Place, the newly renovated Kwong Wai Shu Hospital as well as the upcoming Kallang Polyclinic.
He noted that the buyer can explore converting the space into a gym or a restaurant, subject to relevant authorities’ approval. Moreover, the new owner can consider building a rear extension to increase the built-up area of the shophouse, subject also to approval from authorities.
“With prices of CBD shophouses rising over the last few months, we are noticing that investors are increasingly diverting their attention to city fringe shophouses whose prices have yet to catch up but rental yields are comparatively higher,” said Lee.
“Given the palatable guide price and strong ongoing rejuvenation of Jalan Besar, we are confident that the property will draw strong interest from buyers who are looking to acquire a piece of heritage asset located along the prime Serangoon Road to capitalize on strong capital appreciation in the mid- to long-term.”
The EOI exercise for the property closes on 20 May.
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Cheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email: cheryl@propertyguru.com.sg
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