Geylang Condo News - Two corner shophouses at Serangoon Garden for sale for $17 mil

Geylang Condo News - Two corner shophouses at Serangoon Garden for sale for $17 mil

Geylang Properties News - A pair of two-storey commercial townhouses located at 86 and 88 Serangoon Garden Way have been put up for sale with a suggested price of US$17 million (3,617 psf on floor space). They are located on a 3,101 square foot 999 year full title. The commercial townhouses have a total floor space of approximately 4,700 square feet, including 231 square feet of large yard space.

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Geylang Property has been zoned for “commercial” use with a plot rate of 1.4 according to the 2019 Master Plan. With its commercial planning, foreigners and companies can purchase properties. commercial townhouse without having to pay additional registration tax of the buyer or the registration tax of the seller.

Commercial townhouses will be sold with vacant title. According to Savills Singapore, subject to the approval of the relevant authorities, buyers could explore the opportunity to convert commercial townhouses into developments such as bars, pubs, care centres. childcare, health and wellness centers, cloud kitchens, shared spaces, and commercial schools. property marketing.

“Following the sale of 72 Serangoon Garden Way, an individual two-story commercial townhouse sold in April 2022 for $9.4 million, and 67 Serangoon Garden Way, an individual two-story commercial townhouse in June 2021 on sale for $12.11 million, 86 and 88 Serangoon Garden Way are said to be the only pair of shophouses in the bustling Serangoon Garden Way on sale. “The ownership of shophouses along this vibrant area is tightly held,” said Yap Hui Yee, managing director of investment sales and capital markets at Savills Singapore.

“With limited supply, we believe this opportunity will appeal to homeowners, high net worth individuals or family offices for a long-term investment,” she added.

Geylang Properties - The shophouses are located in a residential area on Serangoon Garden. Nearby amenities include Serangoon Garden Country Club, Serangoon Garden Market, Chomp Chomp Food Centre, and French and Australian international schools.

The sale will be conducted through a public auction, ending May 12 at 3pm.

Source: By Timothy Tay | EdgeProp Singapore

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