Kampong Glam and Serangoon Gardens shophouses up for sale

SINGAPORE – Knight Frank Singapore is pleased to offer 2 prime shophouses in Kampong Glam and Serangoon Gardens respectively, for sale via Expression of Interest (EOI).

18 Bali Lane shophouse

18 Bali Lane shophouse. Picture: Knight Frank Singapore

18 Bali Lane shophouse. Picture: Knight Frank Singapore

Located at the heart of Kampong Glam, 18 Bali Lane is nestled amongst excellent eateries and trendy retail shops. The 2-storey conservation shophouse with attic has a total built-up area of approximately 1,919 sq ft. With the support and promotion of the Singapore Tourism Board, the locality is popular among tourists and locals alike for its hipster vibes and colourful, vibrant neighbourhood.

The shophouse is zoned Commercial under the Master Plan 2014 and has a 999-year tenure. It is currently tenanted.

Ms Mary Sai, Executive Director of Investment and Capital Markets, Knight Frank Singapore, says, “With nearby 11 Bali Lane recently sold for S$18.8 million, the owner was encouraged to put up the shophouse at 18 Bali Lane for sale. The transaction at 11 Bali Lane translated to S$4,017 psf, and with a guide price of S$6.9 million for 18 Bali Lane, this reflects to about S$3,600 psf over the floor area. “Another shophouse at Bussorah Street just a few lanes away with a balance lease of 83 years and land size of 1,741 sq ft also sold at S$5 million, in July last year.”

Serangoon Gardens shophouse

Shophouse in Serangoon Gardens. Picture: Knight Frank Singapore

Shophouse in Serangoon Gardens. Picture: Knight Frank Singapore

In the Serangoon Gardens estate, a corner, 2-storey shophouse with a land area of 1,618 sq ft and a built-up area of about 3,000 sq ft has also been put up for sale. The property has a 999-year leasehold tenure and is currently fully tenanted.

Ms Sai shares, “Serangoon Gardens is well-known for its rows of shophouses providing amenities such as F&B outlets and restaurants, banks, enrichment centres and beauty salons. The famous Chomp Chomp Food Centre and Serangoon Country Club are also situated nearby. The last transaction in the area was at 65 Serangoon Garden Way, which sold for S$8.8 million at the end of last year.” The guide price for the Serangoon Gardens shophouse is S$8.5 million.

As the 2 shophouses are zoned Commercial, there will be no Additional Buyer’s Stamp Duty (ABSD) and Seller’s Stamp Duty payable. Foreigners and companies are also eligible to purchase the properties.

The EOI exercise will close on Thursday, 28 November 2019, at 3 pm.

See more: 2 properties along Lee Kee car showroom up for sale