A pair of two-storey shophouses located at 86 and 88 Serangoon Garden Way has been launched for sale at a guide price of $17 million (Photo: Savills Singapore)
SINGAPORE (EDGEPROP) - A pair of two-storey shophouses located at 86 and 88 Serangoon Garden Way has been launched for sale at a guide price of $17 million ($3,617 psf on the floor area). They are located on a 999-year freehold tenure site measuring 3,101 sq ft. The shophouses have a total floor area of approximately 4,700 sq ft, including 231 sq ft of open yard space.
The site has been zoned for “commercial” use with a plot ratio of 1.4 under its 2019 Master Plan. Given its commercial zoning, foreigners and companies can purchase the shophouses without additional buyer’s stamp duty or seller’s stamp duty.
Map and overview of 86 Serangoon Garden Way (Source: EdgeProp LandLens)
The shophouses will be sold with vacant possession. Subject to approval by relevant authorities, purchasers can explore the opportunity to convert the shophouses to developments such as a bar, bistro, childcare centre, medical and health centre, cloud kitchen, co-living space and commercial school, says Savills Singapore, which is marketing the property. (Find Singapore commercial properties with our commercial directory)
“Following the sale of 72 Serangoon Garden Way, an individual two-storey shophouse sold in April 2022 for $9.4 million, and 67 Serangoon Garden Way, an individual two-storey shophouse in June 2021 sold for $12.11 million, 86 and 88 Serangoon Garden Way is arguably the only pair of shophouses within the bustling Serangoon Garden Way that is on sale. The shophouse ownership along this vibrant precinct is tightly held,” says Yap Hui Yee, executive director of investment sales and capital markets at Savills Singapore.
Recent transactions of property on Serangoon Garden Way (Source: EdgeProp Research tool)
She adds: “Given the limited supply, we believe this opportunity will appeal to owner-occupiers, high-net-worth individuals or family offices for long-term investment.”
The shophouses are situated in the Serangoon Garden landed residential enclave. Amenities near the properties include Serangoon Garden Country Club, Serangoon Garden Market, Chomp Chomp Food Centre, and the French and Australian international schools.
The sale will be conducted through a public tender exercise which closes on May 12 at 3pm.
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