By Sandy Pramuji
SINGAPORE – A freehold commercial building in the Little India historic district has been be put up for sale via tender for an indicative reserve price of S$43 million on Thursday (2 February).
Announcing the tender in a statement on Wednesday, PropNex Realty, the marketing agent for the property located on 202 Serangoon Road, said that the reserve sale price works out to $2,570 psf based on the existing gross floor area (GFA) of 16,733 sq ft.
The standalone building sits on a 5,624 sq ft site and enjoys high visibility and heavy foot traffic, with a wide frontage to the teeming thoroughfare of Serangoon Road, PropNext said.
Under the URA Master Plan 2019, the site is zoned for commercial use. As such, it is not subjected to the additional buyer's stamp duty (ABSD) or seller's stamp duty (SSD).
The property, which was redeveloped in 2002, is built up to four storeys with a food court in the basement. It has a mechanised carpark and an attic.
"We expect keen interest from entities that are looking to purchase the property for own use – including companies, commercial schools, and associations – as the building will be sold with vacant possession by the seller," said Tracy Goh, Head of Investment and Collective Sales at PropNex.
She added that the property is ideal for businesses in the jewellery trade. It could be turned into, for instance, a jewellery hub for gold and precious gemstones – "setting Little India up as Singapore's very own 'Gold Souk' akin to that of Dubai".
The building could also house offices, retail outlets, and food and beverage businesses – "in particular, the permanent approval for food court use at the basement will provide healthy recurring income for investors", said Goh.
The new owner will have naming rights for the property, which is located about 400m from Farrer Park MRT station. Amenities nearby include City Square Mall, Centrium Square, Mustafa Centre, Tekka Place, Tekka Market, and the integrated healthcare and hospitality complex Connexion.
The tender will close at 2pm on 16 March.