A $20 million commercial structure in Farrer Park with a 999-year history

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A four-storey commercial property located at 466 Serangoon Road, near the Farrer Park MRT Station, is for sale for $20 million. The sole agent for marketing will be CBRE Singapore.

The property is located in it’s Jalan Besar Conservation Area that covers areas such as the Farrer Park as well as Little India areas. The nearby major commercial developments include City Square Mall, Connexion, Centrium Square, Uptown @ Farrer, Lyf at Farrer and the planned Piccadilly Grand integrated development along Northumberland Road.

The property is situated on the 2,236 square feet site with prominent road frontage on Serangoon Road. The site has a tenure of 999 years that began in the year the year 1860. The property includes an overall floor space of approximately 8,890 square feet with the walkway being covered as well as a private car park that has three parking areas.

CBR states that this vacant property could be a subject to the right to name and signify. This means that the estimated price is around $2,250 per square foot on the floor area. Because it’s commercial property and therefore, foreigners are able to buy it, and there is no buyer’s or seller’s stamp duty is going to be charged to the transaction.

“(The property) represents a excellent opportunity for buyers to acquire a 999-year-old commercial property with an attractive amount of investment in a desirable city-fringe area, backed by an excellent transport infrastructure” declares Clemence Lee the chief executive officer of the capital market Singapore at CBRE.

He says that the property is “ideal for any prospective buyer who wants to profit from the area’s development and potential to generate rental or capital gains to come”.

The sale will take place by way of expressions of interest that closes on March 7.