Rare trio of conservation shophouses in Serangoon up for sale at $33 mil
The offering signals potential spillover demand into District 8 as prices rise in established shophouse districts, which may support transaction activity and valuations along Serangoon Road.
Three fully tenanted 999-year leasehold conservation shophouses at 482 Serangoon Road are offered at $33 million, or around $2,384 psf of estimated built-up area.
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A trio of 999-year leasehold conservation shophouses at 482 Serangoon Road is up for sale via an expression of interest (EOI) exercise, with a guide price of $33 million.
The shophouses sit on a 4,532 sq ft plot and have an estimated built-up area of 13,842 sq ft. Based on the built-up area, the guide price translates to around $2,384 psf.
Spanning two-storeys, the shophouses also come with a six-storey rear extension and have a prominent main road frontage along Serangoon Road.
Read also: Jalan Besar commercial conservation shophouse up for sale at $9.8 mil
The assets are currently fully tenanted, said PropNex Shophouse Elites (PSE), the exclusive marketing agent for the shophouses. A vet clinic occupies the first storey, while gyms operate on the second and fifth floors and a commercial school runs a baking studio on the remaining floors.
In 2006, the properties underwent an asset enhancement initiative to maximise the site’s allowable gross floor area, added PSE. The works included building upgrades, the installation of a passenger lift and the creation of a private car park.
The shophouses feature concrete flooring, large floor plates and high ceilings, allowing for “ease of reconfiguration” to accommodate a wide range of commercial uses. These could include co-living spaces and student hostels, subject to the relevant authorities’ approval, said Richard Tan, founder of PSE.
He expects the property to attract interest from both business occupiers and investors who have been “closely monitoring” Singapore’s conservation shophouse market.
Located in the heart of Little India, the shophouses are within a seven- to nine-minute walk from Farrer Park and Boon Keng MRT stations. It is also near lifestyle and retail amenities at City Square Mall and Mustafa Shopping Centre.
According to PSE, recent shophouse transactions suggest that investor appetite for conservation shophouses remains firm.
Read also: Commercial conservation shophouse on Tras Street for sale at $15.6 mil
Among the recent deals was a conservation shophouse along Serangoon Road, near Norris Road, which sits on a 1,229 sq ft site and fetched $9.8 million.
Earlier, six adjoining freehold shophouses at 322 to 332 Serangoon Road, occupying a 9,042 sq ft plot, sold for $62.5 million in January 2023.
PSE posits that prices in established shophouse districts, including Districts 1, 2, 7 and 15, have “risen significantly”, widening the price gap and driving increasing spillover demand into District 8, particularly along Serangoon Road.
The EOI exercise will close on Oct 30 at 3pm.