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Kampong Glam, Serangoon Gardens shophouses up for sale at $6.9m and $8.5m

SINGAPORE – Two commercial shophouses in Kampong Glam and Serangoon Gardens have been put for sale via expression of interest at guide prices of $6.9 million and $8.5 million respectively, said sole marketing agent Knight Frank.

The 999-year leasehold Kampong Glam property is located at 18 Bali Lane. The two-storey conservation shophouse with attic, which is currently tenanted, has a total built-up area of about 1,919 sq ft.

The guide price for the property translates to about $3,600 per sq ft (psf) of floor area, said Knight Frank.

A nearby shophouse at 11 Bali Lane recently sold for $18.8 million or $4,017 psf, while a Bussorah Street shophouse a few lanes away, with a balance lease of 83 years and land size of 1,741 sq ft, sold for $5 million in July last year, said Knight Frank.

In September, five adjoining Kampong Glam conservation shophouses at Baghdad Street were put up for sale via public tender at a guide price of $23.8 million.

With the support and promotion of the Singapore Tourism Board, the locality is popular among tourists and locals for its hipster vibes and colourful, vibrant neighbourhood, the agent added.

The Serangoon Gardens shophouse is a two-storey corner unit with a land area of 1,618 sq ft and a built-up area of about 3,000 sq ft.

Its $8.5 million guide price translates to about $2,833 psf over the floor area, said Knight Frank.

The property has a 999-year leasehold tenure and is currently fully tenanted.

The last transaction in the area was 65 Serangoon Garden Way, which sold for $8.8 million at the end of last year, said Knight Frank.

The Serangoon Gardens area is known for its food and beverage outlets such as Chomp Chomp Food Centre. It also counts banks, enrichment centres and beauty salons among its other amenities.

No additional buyer’s stamp duty or seller’s stamp duty payment is needed for both shophouses are they are zoned commercial, with foreigners and companies also eligible to make bids.

The expression of interest exercise for both properties will close on Nov 28 at 3pm.

By The Straits Times

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