Two storey shophouses situated at 86 and 88 Serangoon Garden Way has been put up to be sold at a suggested value of $17million ($3,617 per square foot for the floor). They are situated on a freehold tenure of 999 years site with a total area of 3,101 sq feet. The shophouses cover a total surface area of about 4,700 square feet, which includes 231 square feet of open yard space.
The Myst at Upper Bukit Timah acquired the residential development for S$126.3 million at 16,630 sq ft and is in a prime location. It has a plot ratio of 2.1, is zoned residential, and is set to offer 1, 2, 3, and 4-bedroom units.
The site is classified to “commercial” use, with an area ratio of 1.4 in the 2019. Master Plan. Due to its commercial zoning foreigners and corporations can buy the shophouses for free of buyers’ stamp duty and seller’s stamp tax.
The shophouses are to be sold in vacant possession. If the appropriate authorities, buyers can consider the possibility of converting the shophouses into developments like a bar, bistro, childcare centre medical and health center co-living space, cloud kitchen and a commercial school, according to Savills Singapore, which is selling the property.
“Following selling the 72 Serangoon Garden Way, an individual two-storey shophouse was sold on April 20, 2022, for $9.4 million. Then, there was a 67 Serangoon Garden Way, an independent two-storey storehouse in June 2021, was sold for $12.11 million. The in addition to 86 as well as the 88 Serangoon Garden Way is arguably the only shophouse in this bustling Serangoon Garden Way that is being offered for sale. Shophouse ownership in the bustling precinct is closely controlled,” says Yap Hui Yee the executive director of capital markets and investment sales in Savills Singapore.
She says: “Given the limited supply We believe this investment opportunity is a great one for owner-occupiers, wealthy individuals, or family offices to invest in the long term.”
The shophouses are located within Serangoon Garden. Serangoon Garden landed residential enclave. Facilities close to these properties comprise Serangoon Garden Country Club, Serangoon Garden Market, Chomp Chomp Food Centre as well as Serangoon Garden Country Club, as well as French as well as Australian International schools.
The sale will take place by a tender exercise that will close the 12th of May at 3 pm.