A four-storey commercial property located at 466 Serangoon Road, near the Farrer Park MRT Station, is available for sale at $20 million. The sole agent for marketing will be CBRE Singapore.
Skywaters Residences architect to house 100 executive hotel rooms, 268 beautiful apartments, retail space of 86,187 sq ft and offices covering 847,808 sq ft of total Gross Floor Area (GFA).
The property is situated within it’s Jalan Besar Conservation Area that covers areas such as the Farrer Park as well as Little India areas. There are several significant commercial developments nearby, including City Square Mall, Connexion, Centrium Square, Uptown @ Farrer, Lyf at Farrer and the planned Piccadilly Grand integrated development along Northumberland Road.
The property is located on the 2,236 square feet site with prominent road frontage on Serangoon Road. The site is a 999-year lease which began in the year 1860. The property is comprised of an overall floor space of 8,890 square feet with the walkway being covered as well as a private car park that has three parking areas.
CBR claims that it is possible that the empty property could be a subject to names and signage rights. This means that the price guide is about $2250 per square foot of floor area. Because it’s commercial property that is open to foreigners, they are able to purchase it and there is no buyer’s or seller’s stamp tax will be assessed on the purchase.
“(The property) represents a excellent opportunity for buyers to purchase a 999-year commercial property that is a desirable amount of investment in a desirable city-fringe area, backed by an excellent transport facilities,” states Clemence Lee Clemence Lee, chief executive officer of the capital market Singapore at CBRE.
The property is “ideal for a prospective buyer looking to capitalize on the area’s development and potential to earn rental and capital gains to come”.
The sale will take place by way of expressions of interest that closes on March 7.