The structure comes with a restaurant/F & B permit. “The standalone structure has a dual frontage along Serangoon Road and also Hindoo Road,” he adds.
“With looming worldwide financial headwinds, capitalists are anticipated to continue to check out industrial shophouses as a protective asset with the capacity to ride out unsure times,” says PropNex Research.
The reserve price translates to $2,916 psf based upon GFA, states Desi Desmiriarti and Alex Ho of PropNex Realty, the special advertising and marketing company for the building.
A five-storey structure at 202 Serangoon Road has been put up for sale through expression of passion (EOI) at the book price of $48.8 million. The building rests on a freehold website of 5,626 sq ft and also has a gross flooring location (GFA) of 16,733 sq ft.
“There’s a lot of financier interest– 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 commercial shophouse market.
In the Serangoon Road neighbourhood, devices with F&B licensing can command rental prices of $8 to $10 psf each month, and top floorings at $4 psf each month, estimates PropNex’s Tan. The building at 202 Serangoon Road will certainly be sold with vacant ownership, he adds.
In 2Q022, there were 64 industrial shophouse deals with an overall worth of $481 million, according to PropNex Research. It is 23% higher than the 52 deals in 1Q2022, however 9.2% reduced q-o-q than the $531 million well worth of offers the previous quarter.
The freehold, five-storey commercial structure at 202 Serangoon Road is located within a five-minute walk of the Farrer Park MRT terminal and also the City Square Mall
The building features a restaurant/F & B permit. According to Tan, it is progressively hard to obtain brand-new F&B licences or modification of use to F&B in the Little India Conservation Area. “The standalone structure has a dual frontage along Serangoon Road and also Hindoo Road,” he includes. “The structure is special as it has a gold frontage.”
Presently, the building has a retail shop on the first level and a wedding celebration banquet coordinator and also occasion area on the upper floors, namely the Afi iki Palace. The structure will be marketed with vacant property, claims Richard Tan, PropNex senior associate team area supervisor.
District 8 (Little India, Jalan Besar) videotaped the highest number of purchases amongst the numerous districts. It represented 34 transactions worth greater than $218 million in 2Q2022, shattering the last document of 29 transactions valued at $130 million in 2Q2013, according to PropNex Research.
More than 860 rental agreements worth $8.2 million were signed in 2Q2022. Typical monthly shophouse rentals continued to grow to $5.50 psf in 2Q2022, from $5.37 psf in 1Q2022.
The EOI for the estate, commercial structure at 202 Serangoon Road closed on September 8, 2022.
Having parking spaces within the structure is an included bonus, observes Tan, particularly in an area like Little India Conservation Area where parking space is unusual. Farrer Park MRT station as well as the City Square Mall is also within a five- to six-minute walk.
The building was redeveloped in 2004, as well as was reconditioned lately. It includes a cellar, lift and also 10 mechanical garage. Presently, the structure has a store on the initial degree and also a wedding reception organizer and also occasion room on the top floorings, specifically the Afi iki Palace. The building will be offered with uninhabited belongings, says Richard Tan, PropNex senior associate group area director.
