A freehold commercial corner development site with a 40-metre wide dual frontage along Serangoon Road and Petain Road has just been launched for sale via an Expression of Interest (EOI) exercise by exclusive marketing agent, JLL.
The corner development site consist of 450 Serangoon Road and 452 Serangoon Road.
The site occupies a prominent corner location with a combined land area of 4,984 sf. Incoming purchasers have the benefit of amalgamating both properties to develop a 14,952 sf corner development. Subject to approval from relevant authorities, potential uses include F&B, retail, showroom, office, medical, entertainment and serviced apartments amongst others.
The site is easily accessible being located just 150 metres away from Farrer Park MRT station. Public transportation is conveniently located along the main road. Located within a short 10-minute drive of the Central Business District (CBD) and Orchard Road, the site is also easily accessible to other parts of Singapore via Pan Island Expressway (PIE) and Central Expressway (CTE).
Built in early 1800’s, Serangoon Road was one of earliest roads built in Singapore. It is a one-way street which runs from Little India to Kallang. Characterised by a long stretch of pre-war shophouses lining its streets, Serangoon Road is one of Singapore’s busiest roads. The area is part of the Little India conservation area which was gazetted on 7 July 1989 by the URA. During the weekends and religious festivals (such as Thaipusam and Deepavali), the area livens up with both local and tourist visitors.
The indicative guide price of the site is in the region of $22 million, reflecting a unit land rate of about $1,471 per sf per plot ratio.
Mr Clemence Lee, Associate Director, Capital Markets, JLL, said: “Being situated on a prominent corner site, 450 & 452 Serangoon Road present developers and owner-occupiers with a rare opportunity to develop an iconic flagship building with potential naming rights. We’re confident that the prospective buyers would be able to appreciate the site’s excellent attributes such as its freehold tenure, city fringe location and flexible potential uses.”
“With its excellent location and strong transport infrastructure, the Farrer Park / Serangoon Road area has gentrified into a vibrant commercial and medical hub over the years with the opening of City Square Mall, Connexion and Park Hotel Farrer Park. As the area further develops, there’s potential for more capital and rental upside. Some of the upcoming developments in the area include Centrium Square, a 19-storey commercial development comprising of retail, medical suites and office space, and Uptown @ Farrer, a mixed-use development by Low Kheng Huat which will consist of retail, residential and a 240-unit serviced residence operated by lyf Farrer Park Singapore”.
“After factoring in the development cost, the blended break even for the new development would be in the region of $2,000 psf. This compares favourably to the average price of $5,000 – $5,500 psf achieved for the strata retail units and $2,400 – $2,500 psf for the strata office units at the nearby Arc 380 and Centrium Square.”
As the property sits on land zoned for commercial use, foreigners are eligible to purchase the site. There is also no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) imposed on the purchase of the property.
The property will be marketed through an Expression of Interest exercise which closes on Thursday, 13 September 2018, at 3pm.