In 2Q022, there were 64 industrial shophouse deals with an overall value of $481 million, according to PropNex Research. It is 23% higher than the 52 transactions in 1Q2022, yet 9.2% reduced q-o-q than the $531 million well worth of bargains the previous quarter.
Presently, the building has a retail shop on the initial level and also a wedding event banquet coordinator and occasion area on the upper floorings, specifically the Afi iki Palace. The building will certainly be offered with uninhabited possession, says Richard Tan, PropNex senior associate team area director.
A five-storey building at 202 Serangoon Road has actually been put up for sale through expression of rate of interest (EOI) at the reserve price of $48.8 million. The building remains on an estate site of 5,626 sq ft and also has a gross floor area (GFA) of 16,733 sq ft.
Having garage within the structure is an added incentive, observes Tan, specifically in an area like Little India Conservation Area where garage is unusual. Farrer Park MRT station and also the City Square Mall is also within a 5- to six-minute walk.
The structure was redeveloped in 2004, and also was refurbished lately. It comes with a basement, lift and 10 mechanical parking spaces. Presently, the structure has a retail store on the first degree as well as a wedding event reception organizer and event space on the top floorings, specifically the Afi iki Palace. The structure will certainly be marketed with uninhabited possession, says Richard Tan, PropNex senior associate group district supervisor.
The structure comes with a restaurant/F & B licence. “The standalone structure has a dual frontage along Serangoon Road and Hindoo Road,” he adds.
“With looming global economic headwinds, investors are expected to remain to view business shophouses as a protective possession with the ability to come through unclear times,” claims PropNex Research.
In the Serangoon Road neighbourhood, systems with F&B licensing can command rental rates of $8 to $10 psf each month, as well as top floorings at $4 psf monthly, estimates PropNex’s Tan. The structure at 202 Serangoon Road will certainly be offered with vacant possession, he includes.
Area 8 (Little India, Jalan Besar) tape-recorded the greatest variety of deals among the different areas. It represented 34 purchases worth greater than $218 million in 2Q2022, smashing the last document of 29 purchases valued at $130 million in 2Q2013, according to PropNex Research.
Greater than 860 rental agreements worth $8.2 million were signed in 2Q2022. Median monthly shophouse rentals continued to grow to $5.50 psf in 2Q2022, from $5.37 psf in 1Q2022.
The property, five-storey business building at 202 Serangoon Road is located within a five-minute stroll of the Farrer Park MRT station as well as the City Square Mall
The EOI for the property, business building at 202 Serangoon Road closed on September 8, 2022.
“There’s a lot of investor passion– from both international and neighborhood entities– in business shophouses,” says Tan. This is backed up by PropNex Research in its current 2Q2022 record on the commercial shophouse market.
The building comes with a restaurant/F & B licence. “The standalone building has a dual frontage along Serangoon Road as well as Hindoo Road,” he adds.
The reserve price translates to $2,916 psf based on GFA, claims Desi Desmiriarti and Alex Ho of PropNex Realty, the exclusive advertising and marketing firm for the residential or commercial property.
More information on Bukit Batok EC
Bukit Batok EC information on the site plan and floor plans for the development will be available soon. Please also see the gallery as well as the video and e-brochure which will be uploaded here soon.
Disclaimer: The information listed above are strictly for your reference only and is by no means a conclusive and final representation of the units available. The chart is currently draft and is subjected to the final approval from the authorities. The developer and the salesperson is not responsible for the information reflected above and the information is strictly for entertainment purposes only. Please check with the direct developer sales team for more information for a more accurate representation. You can also register for a show flat viewing to get a better representation for the development for your consideration. Information on the elevation chart as well as the balance unit chart can be found here as well as at the showflat.