SINGAPORE (EDGEPROP) - According to Savills Singapore, on March 18, a two-storey, non-conservation commercial shophouse on 79 and 79A Serangoon Garden Way was put up for sale via an expression of interest (EOI) exercise for $10.5 million. The 999-year leasehold property sits on 1,503 sq ft of land and 2,422 sq ft of floor area, which translates its guide price to $4,335 psf on floor area.

The property has street frontage and parking lots right at its doorstep, as well as an adjacent open-air carpark. Under the Master Plan 2019, the shophouse is zoned for commercial use with a plot ratio of 1.4. Foreigners and companies are eligible to purchase without paying additional buyer’s and seller’s stamp duty.

The property is fully leased to a medical clinic on the ground floor and a baking studio on the upper floor. Based on caveats lodged, the shophouse was sold in March last year for $8.65 million, or $5,756 psf. Before the transaction, it had changed hands only twice, in 2010 and 2014.

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Sophia Lim, director of investment sales and capital markets at Savills Singapore, expects the shophouse to appeal to investors due to its limited supply in Serangoon Gardens. “The shophouse ownership in Serangoon Gardens is tightly held, and only 69 of such shophouses are in the area.”

The EOI exercise closes on April 23 at 3pm.