Six freehold shophouses in Serangoon Road sold for $62.5m

The sale price translates to $2,304 psf per plot ratio.

PropNex has sold a portfolio of six adjoining freehold shophouses at 322 to 332 Serangoon Road for $62.5m.

The sale price translates to $2,304 psf per plot ratio (psf ppr) based on the potential gross floor area (GFA) of 27,125 sq ft.
 
The real estate agency, which acted as the property’s marketing agency, said it sold the shophouses via tender, which closed on 9 September. 

According to PropNex, the site where the shophouses sit was zoned for commercial use with a gross plot ratio of 3.0 under the URA Master Plan 2019. 

“The plot can potentially be redeveloped into a 6-storey commercial building offering a gross floor area (GFA) of 27,125 sq ft,” PropNex said. 

“As the site is zoned for commercial use, the buyer will not be subjected to the additional buyer’s stamp duty (ABSD) nor the seller’s stamp duty (SSD),” PropNex added.