By Ong Sing Yee
source: The Business Times
A COMMERCIAL two-storey shophouse at Serangoon Garden Way has been put up for sale by CBRE at an indicative price of $11.8 million.
Located at 67/67A Serangoon Garden Way, the property sits on a 999-year site of approximately 2,782 square feet; the built-up area is 4,165 square feet,
The indicative pricing translates to about $4,241 per square foot based on the land area. With the property zoned for commercial use, CBRE said there would be no Additional Buyers’ Stamp Duty or Sellers’ Stamp Duty. Both foreigners and companies are eligible to buy it.
The property is now occupied by a bank, so the successful buyer will be able to enjoy stable rental returns, said CBRE. Another plus is that there is ample car park space in front of the property.
Michael Tay, head of capital markets in Singapore at CBRE, said that the indicative price of $4,241 per square foot based on land area is “compelling when compared to recent transactions”. For example, 56/56A Serangoon Garden Way, which changed hands last December, was sold for $$6,996 per square foot based on land area of 2,123 square feet.
Mr Tay said: “Given that people are now adopting a hybrid work model where, in addition to going to the office, they also have a work-from-home schedule, the possibility of them patronising the shops in neighbourhood establishments increases, and consequently this will drive higher footfall to businesses housed in these shophouses.”
He added that the successful buyer could also explore alternative uses for the property, such as F&B, healthcare and educational institutions.
The property is near amenities; prominent landmarks nearby include Chomp Chomp Food Centre, Serangoon Garden Market, myVillage at Serangoon Garden, Serangoon Gardens Country Club and the French and Australian International schools.
The property is available via public tender exercise, which will close at 3pm on May 7.