Freehold five-storey building on Serangoon Road for sale at $48.8 mil

Area 8 (Little India, Jalan Besar) tape-recorded the highest variety of purchases among the different areas. It represented 34 deals worth greater than $218 million in 2Q2022, wrecking the last document of 29 deals valued at $130 million in 2Q2013, according to PropNex Research.
More than 860 rental agreements worth $8.2 million were signed in 2Q2022. Average monthly shophouse rentals continued to expand to $5.50 psf in 2Q2022, from $5.37 psf in 1Q2022.

A five-storey building at 202 Serangoon Road has been offered using expression of interest (EOI) at the get cost of $48.8 million. The structure rests on a property website of 5,626 sq ft as well as has a gross floor area (GFA) of 16,733 sq ft.

Presently, the building has a retail store on the very first degree and a wedding reception organizer and also occasion area on the top floorings, specifically the Afi iki Palace. The building will be marketed with vacant possession, says Richard Tan, PropNex senior associate group area supervisor.

In 2Q022, there were 64 industrial shophouse manage a total value of $481 million, according to PropNex Research. It is 23% greater than the 52 transactions in 1Q2022, yet 9.2% reduced q-o-q than the $531 million well worth of offers the previous quarter.

Presently, the structure has a retail store on the initial degree as well as a wedding event banquet organizer as well as event space on the upper floors, specifically the Afi iki Palace. The building will certainly be sold with uninhabited possession, states Richard Tan, PropNex elderly associate group area supervisor.

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“There’s a great deal of capitalist passion– from both regional as well as international entities– in industrial shophouses,” says Tan. This is supported by PropNex Research in its current 2Q2022 record on the business shophouse market.

The book price translates to $2,916 psf based on GFA, states Desi Desmiriarti as well as Alex Ho of PropNex Realty, the special advertising company for the property.

“With looming international financial headwinds, financiers are anticipated to remain to check out industrial shophouses as a protective asset with the ability to come through uncertain times,” states PropNex Research.

Having parking spaces within the building is an included incentive, observes Tan, particularly in an area like Little India Conservation Area where garage is unusual. Farrer Park MRT station as well as the City Square Mall is also within a five- to six-minute walk.

The structure comes with a restaurant/F & B licence. “The standalone building has a dual frontage along Serangoon Road as well as Hindoo Road,” he adds.

The building comes with a restaurant/F & B permit. “The standalone building has a dual frontage along Serangoon Road as well as Hindoo Road,” he adds.

The EOI for the estate, industrial structure at 202 Serangoon Road closed on September 8, 2022.

The estate, five-storey business building at 202 Serangoon Road is located within a five-minute stroll of the Farrer Park MRT station as well as the City Square Mall

In the Serangoon Road area, systems with F&B licensing can regulate rental prices of $8 to $10 psf per month, as well as top floorings at $4 psf per month, approximates PropNex’s Tan. The building at 202 Serangoon Road will be offered with uninhabited property, he adds.