A six-storey commercial building is to be redevelop with a gross floor area of up to 27,125 sqft

A group of six freehold shophouses along Serangoon Road will be offered for sale in a group with a price guide of $63 million. It will be an auction on August 2. The properties are being marketed through PropNex Realty.

The Botany at Dairy Farm floor plan to develop the 1.56-hectare plot and maximize the neighbourhood’s good attributes.

The six adjacent properties comprise 322 and 332 Serangoon Road in District 8. The two-storey shops are situated near the intersection with Serangoon Road and Kitchener Road and have double street frontage on both roads.

The building is situated on a 9,042 square foot site which is designated for commercial use and has an average plot ratio of 3.0 according to the most recent Master Plan. This means that the new owner can choose to transform the site to create a six-storey commercial building that has an gross floor space of 27125 sq ft According to PropNex.

The shophouses are located next to Centrium Square and face City Square Mall. The developments in the vicinity include retail centers like Mustafa Centre and hotels like Parkroyal located on Kitchener Road and Holiday Inn Singapore Little India and Little India, in addition to Farrer Park Hospital.

Farrer Park MRT Station on the North-East Line is less than 200m away from the row of shops.

In the release issued by PropNex Realty, the ground-floor shophouse units are currently leased to a variety of F&B operators and the second floor units are leased out to public entertainment companies.

“We anticipate that the shophouse portfolio to draw a lot of attention since it’s rare to locate freehold commercial assets with high visibility, a large pedestrian population and are close of an MRT station.” states Tracy Goh the director of investment and selling at PropNex.

She says these characteristics will help support the rental as well as the capital value appreciation for these properties. “Foreigners who are high net-worth as well as family office owners will appreciate this asset due to the fact that buyer’s stamp duty as well as seller’s stamp duty is not applicable in commercial properties,” she says.

The auction on this group of properties is due on September 9.