Freehold commercial building in Little India on sale for $43 mil

SINGAPORE (EDGEPROP) – A freehold commercial building at 202 Serangoon Road will be put up for sale via tender for an indicative price of $43 million on Feb 2. According to a press release from PropNex Realty, the sole marketing agent of this property, the reserve sale price translates to $2,570 psf on the existing gross floor area (GFA) of 16,733 sq ft.

This property was first put up for sale in August last year at a reserve price of $48.8 million, which translated to $2,916 psf on the GFA. However, that sale ended without securing a buyer.

The four-storey commercial building is close to Little India MRT Interchange on the North East and Downtown lines, Farrer Park on the North East Line, and Jalan Besar on the Downtown Line. Major roads that connect to the area include Serangoon Road and Balestier Road.

The standalone building was redeveloped in 2002 and features a food court in the basement, a mechanised carpark, and an attic. It is located within a conservation area but the property does not hold conservation status.

The site is 5,624 sq ft with a wide frontage on Serangoon Road, and zoned for commercial use under the latest Master Plan. Thus, the sale is not subject to additional buyer’s stamp duty or seller’s stamp duty. (Find Singapore commercial properties with our commercial directory)

“We expect keen interest from entities — including companies, commercial schools, and associations — that are looking to purchase the property for their own use, as the building will be sold with vacant possession,” says Tracy Goh, head of investment and collective sales at PropNex. She adds that the new owner will have naming rights to the property.

The tender for the sale of this property closes on March 16.

This version of article written by Timothy Tay and first appeared at Yahoo, Finance.

Photo: PropNex