The property, five-storey industrial building at 202 Serangoon Road lies within a five-minute walk of the Farrer Park MRT terminal as well as the City Square Mall
In the Serangoon Road area, systems with F&B licensing can regulate rental rates of $8 to $10 psf monthly, as well as top floors at $4 psf each month, approximates PropNex’s Tan. The building at 202 Serangoon Road will certainly be offered with vacant possession, he adds.
The Reserve Residences Project Details
A five-storey building at 202 Serangoon Road has been put up for sale through expression of passion (EOI) at the book rate of $48.8 million. The structure sits on a property site of 5,626 sq ft as well as has a gross floor area (GFA) of 16,733 sq ft.
The EOI for the property, industrial structure at 202 Serangoon Road closed on September 8, 2022.
“There’s a lot of capitalist interest– from both international as well as neighborhood entities– in business shophouses,” states Tan. This is backed up by PropNex Research in its recent 2Q2022 record on the industrial shophouse market.
Having parking spaces within the structure is an included benefit, observes Tan, especially in an area like Little India Conservation Area where parking space is uncommon. Farrer Park MRT terminal as well as the City Square Mall is additionally within a 5- to six-minute stroll.
The building was redeveloped in 2004, as well as was reconditioned just recently. It includes a cellar, lift as well as 10 mechanical garage. Presently, the structure has a retailer on the first level and a wedding banquet coordinator and also event space on the upper floorings, particularly the Afi iki Palace. The structure will certainly be offered with vacant ownership, claims Richard Tan, PropNex senior associate team area supervisor.
District 8 (Little India, Jalan Besar) videotaped the highest variety of purchases amongst the different areas. It made up 34 purchases worth more than $218 million in 2Q2022, smashing the last record of 29 deals valued at $130 million in 2Q2013, according to PropNex Research.
Greater than 860 rental agreements worth $8.2 million were checked in 2Q2022. Median month-to-month shophouse rentals continued to grow to $5.50 psf in 2Q2022, from $5.37 psf in 1Q2022.
Presently, the building has a retail store on the very first degree and a wedding reception organizer as well as event space on the top floors, particularly the Afi iki Palace. The structure will certainly be offered with vacant ownership, says Richard Tan, PropNex senior associate group area director.
The get rate equates to $2,916 psf based upon GFA, claims Desi Desmiriarti as well as Alex Ho of PropNex Realty, the unique advertising agency for the residential property.
“With impending worldwide economic headwinds, capitalists are expected to remain to watch business shophouses as a defensive possession with the capacity to ride out uncertain times,” states PropNex Research.
The structure comes with a restaurant/F & B licence. “The standalone structure has a dual frontage along Serangoon Road as well as Hindoo Road,” he adds.
The structure comes with a restaurant/F & B licence. “The standalone structure has a dual frontage along Serangoon Road and also Hindoo Road,” he includes.
In 2Q022, there were 64 industrial shophouse deals with a total worth of $481 million, according to PropNex Research. It is 23% greater than the 52 transactions in 1Q2022, yet 9.2% lower q-o-q than the $531 million well worth of deals the previous quarter.
