The EOI for the freehold, business building at 202 Serangoon Road closed on September 8, 2022.
Having garage within the structure is an included reward, observes Tan, particularly in a location like Little India Conservation Area where parking space is uncommon. Farrer Park MRT station as well as the City Square Mall is additionally within a five- to six-minute walk.
The property, five-storey commercial building at 202 Serangoon Road lies within a five-minute walk of the Farrer Park MRT terminal as well as the City Square Mall
The building comes with a restaurant/F & B licence. “The standalone building has a dual frontage along Serangoon Road and Hindoo Road,” he adds.
“There’s a lot of capitalist rate of interest– from both regional and also international entities– in industrial shophouses,” claims Tan. This is backed up by PropNex Research in its recent 2Q2022 report on the business shophouse market.
Presently, the building has a retail store on the initial degree and also a wedding event banquet organizer and occasion room on the upper floors, namely the Afi iki Palace. The structure will certainly be marketed with vacant ownership, claims Richard Tan, PropNex senior associate group area supervisor.
In the Serangoon Road area, units with F&B licensing can regulate rental rates of $8 to $10 psf per month, as well as upper floors at $4 psf each month, estimates PropNex’s Tan. The structure at 202 Serangoon Road will be sold with uninhabited belongings, he adds.
A five-storey building at 202 Serangoon Road has been offered by means of expression of passion (EOI) at the book cost of $48.8 million. The building sits on a property website of 5,626 sq ft and has a gross flooring area (GFA) of 16,733 sq ft.
The reserve cost converts to $2,916 psf based on GFA, claims Desi Desmiriarti and Alex Ho of PropNex Realty, the exclusive advertising and marketing firm for the building.
“With looming international economic headwinds, financiers are anticipated to continue to check out commercial shophouses as a defensive property with the ability to ride out unpredictable times,” says PropNex Research.
In 2Q022, there were 64 business shophouse manage an overall value of $481 million, according to PropNex Research. It is 23% more than the 52 transactions in 1Q2022, but 9.2% reduced q-o-q than the $531 million well worth of offers the previous quarter.
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.
District 8 (Little India, Jalan Besar) recorded the greatest variety of transactions among the various areas. It accounted for 34 deals worth greater than $218 million in 2Q2022, wrecking the last document of 29 deals valued at $130 million in 2Q2013, according to PropNex Research.
More than 860 rental contracts worth $8.2 million were signed in 2Q2022. Mean month-to-month shophouse services remained to grow to $5.50 psf in 2Q2022, from $5.37 psf in 1Q2022.
The structure was redeveloped in 2004, as well as was refurbished lately. It includes a cellar, lift as well as 10 mechanical parking spaces. Currently, the structure has a retailer on the very first degree as well as a wedding reception organizer and occasion space on the upper floorings, namely the Afi iki Palace. The structure will certainly be offered with vacant property, states Richard Tan, PropNex elderly associate group district director.