Savills Singapore, as the exclusive marketing agent, is pleased to offer for sale a pair of 999-year (akin to Freehold) corner shophouses at 86 and 88 Serangoon Garden Way via a Public Tender exercise.
Situated within the affluent Serangoon Garden private residential enclave, 86 and 88 Serangoon Garden Way comprises a pair of two-storey non-conservation shophouses and features an open yard area. The shophouses sit on a 999-year tenure (akin to freehold) site of approximately 3,101 square feet and has a total floor area of approximately 4,700 square feet (inclusive of 231 square feet of open yard) with ample carparking lots located right at its doorstep.
Under the Master Plan 2019, the shophouse is zoned “Commercial” with a plot ratio of 1.4. To be sold with vacant possession, purchasers can explore converting the shophouses to bar / bistro, childcare centre, medical and health centre, cloud kitchen on the ground floor and co-living, commercial school on the upper floor, subject to relevant authorities’ approval.
Nestled within the exclusive landed residential enclave within Serangoon Garden – traditionally a much sought-after address inside the highly desirable prime landed precinct – 86 and 88 Serangoon Garden Way experience high footfall with the large population catchment and amenities in the immediate vicinity such as Serangoon Garden Country Club, Serangoon Garden Market, Chomp Chomp Food Centre and the French and Australian International School.
The immediate vicinity has been gentrified into a vibrant lifestyle locale that is popular with the locals and expatriates. It has attracted a diverse mix of tenants and the shophouses at Serangoon Garden Way is a bustling, well-known food street home to some of the trendiest cafés, such as Apollo, The Larder Café, Baker and Cook.
Ms. Yap Hui Yee, Executive Director, Investment Sales & Capital Markets at Savills Singapore, said: “Following the sale of 72 Serangoon Garden Way, an individual two-storey shophouse sold in April 2022 for $9.4 million and 67 Serangoon Garden Way, an individual two-storey shophouse in June 2021 sold for $12.11 million, 86 and 88 Serangoon Garden Way are arguably the only pair of shophouses within the bustling Serangoon Garden Way which is on sale. The shophouse ownership along this vibrant precinct is very tightly held. Given the limited supply, we believe this opportunity will appeal to owner occupiers, high-net-worth individuals or family offices for long term investment.”
Ms Yap shared: “Zoned full “Commercial”, foreigners and companies are eligible to purchase the shophouses and no Additional Buyer Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) will be imposed.”
The guide price for 86 and 88 Serangoon Garden Way is $17 million; $3,617 psf on floor area.
The sale will be conducted through a Public Tender exercise which closes on 12 May 2023, Friday at 3pm.