Little India Commercial Bldg Up For Grabs For S$43mil
SINGAPORE – A standalone commercial property in the Little India district has been launched for sale through a tender with a reserve price of S$43 million, reported Yahoo! News on Thursday afternoon (2 February, SGT).
Marketing agent PropNex Realty said the freehold commercial building at 202 Serangoon Road has an existing gross floor area (GFA) of 16,733 sq ft. This means the reserve price translates to S$2,570 psf
The commercial property, which stands on a land plot measuring 5,624 sq ft, was redeveloped in 2002 into a 4-storey building with a food court in the basement. It also features an attic and a mechanised carpark. It’s also highly visible and enjoys heavy foot traffic, with a wide frontage to Serangoon Road’s bustling thoroughfare, said the marketing agent.
“We expect keen interest from entities that are looking to purchase the property for (their) own use – including companies, commercial schools, and associations – as the building will be sold with vacant possession by the seller,” noted PropNex’s Head of investment and collective sales, Tracy Goh.
Apart from being suitable as a jewellery hub, the commercial property can also be used as office space, retail premises, and F&B outlets. In addition, the basement’s permanent approval for food court use will provide good recurring income for the new owner, she said.
Furthermore, the buyer will obtain naming rights to the commercial building, which is situated close to the Farrer Park MRT Station. Amenities in the vicinity include Tekka Place, Tekka Market, Mustafa Centre, City Square Mall, and Centrium Square, as well as Connexion, an integrated healthcare and hospitality development.
Under the 2019 Master Plan, 202 Serangoon Road’s site is zoned for commercial use. This means the buyer does not need to pay a seller’s stamp duty or any additional buyer’s stamp duty for the transaction.
The tender for the freehold commercial building in Little India shall close on 16 March 2023 at 2pm.