Piccadilly Serangoon, a brand-new freehold commercial building at 1377 Serangoon Road, has been put up for sale via an Expression of Interest (EOI) exercise. The property has an indicative price of $75 million, according to exclusive marketing agent Cushman & Wakefield (C&W).
The six-storey building occupies a site area of 5,791 sq ft and has a total built-up area of about 30,300 sq ft. The indicative price translates to $2,475 psf based on the built-up area.
A title search reveals that Peg East Pte Ltd, a wholly-owned subsidiary of Singapore-listed property developer Goodland Group, is the seller. The building is a redevelopment of a former shophouse at 1377 Serangoon Road, which the company acquired in 2021.
“Piccadilly Serangoon offers a unique opportunity for prospective purchasers to acquire a brand new, ready-built building and establish it as their flagship headquarters,” comments Shaun Poh, C&W executive director of capital markets.
The new building is targeted to obtain its Temporary Occupation Permit (TOP) sometime in 2Q2025 or 3Q2025. It comprises shops on its first and second floors and offices on the upper floors. Communal facilities at Piccadilly Serangoon include a rooftop swimming pool, a pavilion deck and a barbeque area. The property also comes with a mechanised parking system with a total of nine parking spaces.
Given the building’s prominent frontage along the main Serangoon Road thoroughfare and an unblocked side façade of over 65ft, the new owner will have the opportunity for “branding and naming rights”, note Poh.
Piccadilly Serangoon also offers potential for strata-title subdivision, comprising eight strata-titled shops on the first and second levels and 18 strata-titled office units on the upper floors — bringing the total to 26 strata units.
Situated between Boon Keng MRT and Potong Pasir MRT stations on the Northeast Line, the commercial building is surrounded by amenities such as The Venue Shoppes, The Poiz Centre, The Woodleigh Mall and NEX, adds Poh.
Revitalisation is taking place in the area, with new developments such as The Arcady at Boon Keng (formerly Euro-Asia Apartments) and Jui Residences (formerly National Aerated Water Building). It is also close to a high-tech industrial cluster that includes SP Group, Infineon, Qualcomm Building, and Mapletree Hi-Tech Park @ Kallang Way.
International schools in the neighbourhood include Nexus International School (Singapore), James Cook University, and Stamford American International School.
“The building is expected to attract both business occupiers and investors looking to create a lifestyle destination or a wellness asset,” notes Poh. “This could include a mix of co-working and co-living spaces or even post-partum confinement services, pending approval from the authorities.”
The EOI exercise for the property is expected to close on April 25.
