February 01, 2023
01 February 2023, SINGAPORE – PropNex Realty, the largest real estate agency in Singapore has today announced that a freehold commercial building at 202 Serangoon Road will be put up for sale via tender for an indicative reserve price of $43 million on 2 February. The reserve sale price works out to $2,570 psf based on the existing gross floor area (GFA) of 16,733 sq ft.
The standalone building in the historic district of Little India sits on a site spanning 5,624 sq ft and enjoys high visibility and heavy foot traffic, with a wide frontage to the teeming thoroughfare of Serangoon Road. Under the URA Master Plan 2019, the site is zoned for commercial use, and as such is not subjected to the additional buyer’s stamp duty (ABSD) nor the seller’s stamp duty (SSD). The property – which has been redeveloped in 2002 - is built up to 4 storeys with a food court in the basement, and has a mechanised carpark and an attic.
Tracy Goh, Head of Investment and Collective Sales at PropNex, said, “We expect keen interest from entities that are looking to purchase the property for own use – including companies, commercial schools, and associations - as the building will be sold with vacant possession by the seller. It is also ideal for businesses in the jewellery trade, turning the building into a jewellery hub for gold and precious gemstones – setting Little India up as Singapore’s very own “Gold Souk” akin to that of Dubai. The new owner will have naming rights for the property, which will offer excellent visibility for the business in the busy city fringe location in Serangoon Road. The property is also compelling for investors as it is suitable for various uses such as office, retail, and F&B – in particular, the permanent approval for food court use at the basement will provide healthy recurring income for investors. In addition, there is an opportunity to value-add through refurbishment works in the future to enhance the building.”
In terms of connectivity, the property is conveniently located about 400 metres from the Farrer Park MRT station on the North East Line, and has easy access to the Central Expressway via Serangoon Road and Balestier Road. It is also a short 10- to 15-minutes’ drive from the central business district and the Orchard Road shopping belt. Amenities nearby include City Square Mall, Centrium Square, Mustafa Centre, Tekka Place, Tekka Market, and the integrated healthcare and hospitality complex Connexion.
Ms Goh added, "The Serangoon area is culturally-rich and the Little India historic district is not only a bustling tourism attraction but also a vibrant spot where the local community come together. The area has undergone rejuvenation with the addition of more commercial offerings over the years, and the upcoming Piccadilly Grand mixed development with a mall and residential units will further enliven the neighbourhood.”
Given the improving commercial property market fundamentals, this freehold commercial building presents an appealing acquisition opportunity to both owner-occupiers and investors alike. Furthermore, the tourism sector recovery post-pandemic will also help to uplift businesses in the Serangoon Road area.
The tender will close at 2 pm on 16 March 2023.
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