The Business Times, 1 Feb 2023, Wed 11:07 AM
By Bernadette Toh
A FREEHOLD commercial property in the Little India district will be put up for sale by tender on Thursday (Feb 2) at an indicative reserve price of S$43 million, or S$2,570 per square foot, on built-up area.
Redeveloped in 2002, the four-storey standalone building at 202 Serangoon Road occupies a total floor area of some 16,733 square feet (sq ft) and sits on a site spanning 5,624 sq ft.
It is zoned for commercial use under the Urban Redevelopment Authority Master Plan 2019. Foreign buyers are eligible to purchase the site with no additional buyer’s stamp duty or seller’s stamp duty imposed on the property transaction.
PropNex Realty on Wednesday said the new owner will have naming rights for the property. According to Tracy Goh, PropNex head of investment and collective sales, this will “offer excellent visibility for the (buyer’s) business in the busy city fringe location in Serangoon Road”.
The area has undergone rejuvenation with the addition of commercial offerings over the years.
“The upcoming Piccadilly Grand mixed development with a mall and residential units will further enliven the neighbourhood,” added Goh.
The tourism sector recovery post-pandemic will help to uplift businesses in the Serangoon Road area, she said.
The site is located 400 metres from Farrer Park MRT station and can access the Central Expressway via Serangoon road and Balestier Road. It is within a 15-minutes drive to Orchard Road.
Some of the amenities nearby include shopping malls such as City Square Mall, Mustafa Centre, Tekka Market and integrated healthcare and hospitality complex Connexion.
The tender for the sale of the building will close on Mar 16 at 2 pm.
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