August 01, 2022
SINGAPORE, 1 August 2022 – PropNex Realty, the largest real estate agency in Singapore has today announced that it will be launching two separate sale tenders – one for the sale of a portfolio of freehold shophouses in Serangoon Road and the other for the collective sale of a freehold residential building at 62 Wilkie Road – on 2 August 2022.
Six adjoining freehold shophouses at 322 – 332 Serangoon Road will be offered for sale collectively via tender with a guide price of $63 million. The six 2-storey shophouses in District 8 are fully-leased to Eating House and F&B operators including ABC Nasi Kandar and Chinese eateries on the ground floor, while the space on the second level are also fully-leased to public entertainment operators.
The portfolio of shophouses are prominently located at the junction of Serangoon Road and Kitchener Road – with double frontage to both roads. Apart from their outstanding visibility, the shophouses are also surrounded by several malls, hotels and residential projects which bring a steady stream of visitors to the shophouses.
The shophouses are situated next to the new Centrium Square and opposite the City Square Mall. Other nearby amenities are the Mustafa Centre, Parkroyal On Kitchener Road, Holiday Inn Singapore Little India, and the Farrer Park Hospital. The shophouses are also easily accessible via public transport being in the city fringe, with the entrance to the Farrer Park MRT station on the North-East Line just across the road.
Tracy Goh, Head of Investment and Collective Sales at PropNex, said, “We expect the portfolio of shophouses to attract strong interest as it is rare to find such freehold, commercial asset that enjoys great visibility, heavy pedestrian traffic, and close proximity to an MRT station. These attributes will help the new buyer to garner rental income growth and continued capital appreciation. Foreigners, high net worth individuals and family offices will find this asset attractive as the additional buyer’s stamp duty and seller’s stamp duty are not payable for commercial properties. Moreover, these shophouses are not under conservation and the buyer can opt to hold them for long-term passive income or to redevelop them in the future to unlock greater value from the potential increase in gross floor area.”
The six shophouses have a combined land area of about 9,042 square feet and the freehold site is currently zoned for commercial use with a gross plot ratio of 3.0, under the URA Master Plan 2019. The site can potentially be redeveloped into a 6-storey commercial building offering a gross floor area (GFA) of 27,125 sq ft. Based on the 27,125 sq ft GFA following redevelopment, the guide price of $63 million will work out to $2,322 per square foot per plot ratio (psf ppr).
The tender for the six shophouses will close on 9 September 2022, Friday at 2 pm.
A residential building at 62 Wilkie Road comprising three duplex apartments will be put on the market for collective sale via tender for an indicative price of $9.2 million, which translates to $1,644 psf based on the total strata area of 5,597 sq ft.
Built in 2003, the building sits on a freehold site spanning 2,542.4 sq ft and it is zoned for residential use with a gross plot ratio of 2.1, under the URA Master Plan 2019. Conveniently located in the city centre in prime District 9, the property is within walking distance to six MRT stations, namely Dhoby Ghaut, Bencoolen, Little India, Rochor, Bras Basah, and Bugis MRT stations. They provide excellent connectivity to employment hubs in Raffles Place and Marina Bay, as well as to the Orchard Road shopping belt.
Ms Goh noted, “This collective sale presents an opportunity for investors to own a plot of land, with a small building of three apartments in the highly sought-after District 9 at an attractive price quantum. It is ideal for multi-generational families who wish to live together under one roof and procure the building for own use. Alternatively, investors can also acquire the building for legacy planning and enjoy the capital appreciation over time, while leasing the apartments out for recurring rental income. Being in a central location near to a wide range of amenities, units in 62 Wilkie Road are very rentable and should see healthy leasing demand.”
The project is located within 1 km to Anglo-Chinese School (Junior) and St. Margaret’s School (Primary), while Farrer Park Primary School, River Valley Primary School and St. Joseph’s Institution Junior are within 1 to 2 km from the site. The Singapore Management University, LaSalle College of The Arts (McNally Campus), School of the Arts, and Nanyang Academy of Fine Arts are all a short walk away.
The collective sale tender for 62 Wilkie Road will close on 7 September 2022, Wednesday at 2 pm.
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