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6 freehold shophouses in Serangoon Road sold for S$62.5 million

Six adjoining freehold shophouses at 322 to 332 Serangon Road have been sold for S$62.5 million.
Six adjoining freehold shophouses at 322 to 332 Serangon Road have been sold for S$62.5 million. (PHOTO: PropNex)

By Sandy Pramuji

SINGAPORE – Six adjoining freehold shophouses at 322 to 332 Serangon Road have been sold for S$62.5 million, PropNex Realty, the marketing agent for the properties, announced in a statement on Thursday (26 January).

PropNex said that the buildings were sold via tender that was closed at 2pm on 9 September 2022.

The sale price translates to S$2,304 psf per plot ratio (psf ppr) based on potential gross floor area (GFA) of 27,125 sq ft.

As the shophouses sit in a commercial zone, PropNex said, the plot can be redeveloped into a six-storey commercial building. The buyer will not be subjected to the additional buyer's stamp duty (ABSD) or the seller's stamp duty (SSD).

Tracy Goh, Head of investment and Collective Sales at PropNex, said that they received a number of enquiries for the shophouses from investors. The properties' prominent location, proximity to various amenities and Farrer Park MRT station drove investors' interest.

"Furthermore, these shophouses are not under conservation and the buyer can choose to redevelop them in the future to unlock greater value from the potential increase in GFA," Goh added.

The shophouses are situated next to Centrium Square and opposite the City Square Mall. Other amenities in the area include Mustafa Centre, Parkroyal On Kitchener Road, Holiday Inn Singapore Little India, and Farrer Park Hospital.

Goh added, "We expect well-located commercial properties – particularly near employment areas and tourist attractions - to continue to be on the radar of investors, riding on the optimism from Singapore's successful transition to living with COVID-19 and the reopening of national economies. As more people return to their workplaces and as tourism picks up, this could translate to more demand for F&B and retail services, which will then benefit commercial property owners and landlords."

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