The reserve cost translates to $2,916 psf based upon GFA, states Desi Desmiriarti and Alex Ho of PropNex Realty, the unique marketing company for the home.
The building was redeveloped in 2004, as well as was refurbished lately. It includes a basement, lift and also 10 mechanical garage. Currently, the structure has a store on the very first degree as well as a wedding event reception coordinator as well as event room on the upper floorings, namely the Afi iki Palace. The structure will be marketed with vacant ownership, states Richard Tan, PropNex senior associate group area director.
The structure includes a restaurant/F & B licence. According to Tan, it is progressively hard to acquire new F&B permits or change of use to F&B in the Little India Conservation Area. “The standalone structure has a dual frontage along Serangoon Road as well as Hindoo Road,” he adds. “The building is distinct as it has a gold façade.”
A five-storey structure at 202 Serangoon Road has actually been put up for sale via expression of passion (EOI) at the get price of $48.8 million. The building remains on an estate site of 5,626 sq ft and also has a gross flooring area (GFA) of 16,733 sq ft.
The freehold, five-storey commercial building at 202 Serangoon Road lies within a five-minute stroll of the Farrer Park MRT terminal and the City Square Mall
Having parking spaces within the structure is an included benefit, observes Tan, specifically in an area like Little India Conservation Area where parking space is uncommon. Farrer Park MRT station and also the City Square Mall is likewise within a 5- to six-minute stroll.
In 2Q022, there were 64 commercial shophouse handle an overall value of $481 million, according to PropNex Research. It is 23% greater than the 52 deals in 1Q2022, however 9.2% lower q-o-q than the $531 million well worth of offers the previous quarter.
The structure comes with a restaurant/F & B licence. “The standalone structure has a dual frontage along Serangoon Road and Hindoo Road,” he includes.
District 8 (Little India, Jalan Besar) tape-recorded the greatest variety of deals among the different districts. It accounted for 34 transactions worth greater than $218 million in 2Q2022, shattering the last document of 29 purchases valued at $130 million in 2Q2013, according to PropNex Research.
More than 860 rental contracts worth $8.2 million were signed in 2Q2022. Mean regular monthly shophouse leasings continued to expand to $5.50 psf in 2Q2022, from $5.37 psf in 1Q2022.
The EOI for the freehold, commercial structure at 202 Serangoon Road closed on September 8, 2022.
In the Serangoon Road neighbourhood, devices with F&B licensing can command rental rates of $8 to $10 psf monthly, as well as top floorings at $4 psf monthly, approximates PropNex’s Tan. The structure at 202 Serangoon Road will be marketed with vacant ownership, he adds.
Currently, the structure has a retail shop on the very first degree and a wedding reception coordinator and also event space on the top floorings, particularly the Afi iki Palace. The building will certainly be offered with vacant property, says Richard Tan, PropNex senior associate group district director.
“There’s a great deal of financier rate of interest– from both local and foreign entities– in industrial shophouses,” states Tan. This is backed up by PropNex Research in its recent 2Q2022 report on the business shophouse market.
“With looming worldwide financial headwinds, capitalists are anticipated to continue to view commercial shophouses as a defensive asset with the capacity to ride out unclear times,” says PropNex Research.
