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999-year commercial building in Farrer Park on sale for $20 mil

/ EdgeProp Singapore |

January 30, 2023 1:58 PM SGT

The vacant property has a total floor area of about 8,890 sq ft. (Picture: CBRE)

SINGAPORE (EDGEPROP) - A four-storey commercial building at 466 Serangoon Road, close to Farrer Park MRT Station, is up for sale for $20 million. The sole marketing agent is CBRE Singapore.

Read also: Sultan Plaza relaunches for collective sale with a lower reserve price of $325 mil

The property is located within the Jalan Besar Conservation Area, which covers the Farrer Park and Little India areas. Nearby significant commercial developments include City Square Mall, Connexion, Centrium Square, Uptown @ Farrer, Lyf at Farrer, and the upcoming Piccadilly Grand integrated development along Northumberland Road.

The property is on a 2,236 sq ft site with a prominent road frontage along Serangoon Road. The site has a 999-year tenure that started in 1860. The property has a total floor area of about 8,890 sq ft, including the covered walkway and a private car park with three parking lots.

CBR says the vacant property could come with naming and signage rights. As a result, the guide price translates to approximately $2,250 psf on the floor area. Since it is a commercial property, foreigners are eligible to purchase it, and no additional buyer's stamp duty or seller's stamp duty will be imposed on the transaction. (Find Singapore commercial properties with our commercial directory)

“(The property) represents a superb opportunity for prospective buyers to own a 999-year commercial building with a palatable investment quantum in an exciting city-fringe location, supported by strong transportation infrastructure,” says Clemence Lee, executive director of capital markets, Singapore, at CBRE.

He adds that this asset will be “ideal for an incoming buyer looking to capitalise on the area’s growth and potential for capital and rental upsides going forward”.

The sale will be conducted through expression of interest, which closes on March 7.

Check out the latest listings near Serangoon Road, City Square Mall, Connexion, Centrium Square, Uptown @ Farrer, Piccadilly Grand, Farrer Park MRT Station

Tags:

For Sale commercial building Farrer Park 999-year leasehold

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