The EOI for the freehold, business building at 202 Serangoon Road closed on September 8, 2022.
In the Serangoon Road area, units with F&B licensing can command rental prices of $8 to $10 psf each month, and top floorings at $4 psf monthly, approximates PropNex’s Tan. The structure at 202 Serangoon Road will certainly be offered with vacant belongings, he adds.
A five-storey structure at 202 Serangoon Road has been offered by means of expression of passion (EOI) at the get rate of $48.8 million. The building sits on a freehold site of 5,626 sq ft and also has a gross floor location (GFA) of 16,733 sq ft.
Presently, the building has a retail shop on the first level as well as a wedding reception coordinator as well as occasion room on the upper floorings, particularly the Afi iki Palace. The structure will certainly be offered with uninhabited property, says Richard Tan, PropNex elderly associate team district director.
“With impending global financial headwinds, capitalists are anticipated to remain to see commercial shophouses as a protective asset with the capacity to come through unpredictable times,” claims PropNex Research.
Currently, the structure has a retail store on the first degree and a wedding celebration reception organizer and event space on the upper floors, particularly the Afi iki Palace. The structure will be offered with vacant ownership, says Richard Tan, PropNex senior associate group district director.
District 8 (Little India, Jalan Besar) taped the highest variety of purchases among the various districts. It accounted for 34 transactions worth more than $218 million in 2Q2022, smashing the last record of 29 transactions valued at $130 million in 2Q2013, according to PropNex Research.
More than 860 rental contracts worth $8.2 million were signed in 2Q2022. Average regular monthly shophouse leasings continued to grow to $5.50 psf in 2Q2022, from $5.37 psf in 1Q2022.
The building comes with a restaurant/F & B permit. “The standalone structure has a double frontage along Serangoon Road and Hindoo Road,” he includes.
“There’s a lot of capitalist passion– from both local as well as international entities– in business shophouses,” claims Tan. This is backed up by PropNex Research in its current 2Q2022 report on the business shophouse market.
The reserve cost converts to $2,916 psf based on GFA, states Desi Desmiriarti and Alex Ho of PropNex Realty, the exclusive marketing agency for the home.
The building comes with a restaurant/F & B permit. According to Tan, it is increasingly difficult to get new F&B permits or modification of use to F&B in the Little India Conservation Area. “The standalone building has a double frontage along Serangoon Road and also Hindoo Road,” he includes. “The building is one-of-a-kind as it has a gold frontage.”
In 2Q022, there were 64 business shophouse manage a complete worth 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 deals the previous quarter.
The freehold, five-storey industrial building at 202 Serangoon Road lies within a five-minute walk of the Farrer Park MRT terminal as well as the City Square Mall
Having garage within the building is an included perk, observes Tan, particularly in a location like Little India Conservation Area where garage is uncommon. Farrer Park MRT station and the City Square Mall is also within a 5- to six-minute stroll.