Freehold shophouse in Farrer Park in Singapore sold for a handsome profit of almost HK$21m in less than 6 months


18th August 2022 – (Singapore) A freehold shophouse along Kitchener Road in Farrer Park has been sold for S$8 million (HK$45.3 million) in just over five months after it was bought for S$4.3 million (HK$24.4 million). The seller made a handsome profit of S$3.7 million (almost HK$21 million) for the seller.

Local media Edgeprop reported that Pack Wan, a company was created to purchase the property at 147 Kitchener Road in January 2022. The shareholders of company is Aaron Wan, PropNex senior group district director, and his wife. Wan initially wanted to renovate the shophouse and hold it as a long-term investment after buying it with his wife. A restaurant named San Laksa occupies the ground of the shophouse since January 2022 and another company rented the 1st floor as office space.

The shophouse was sold to Eng Teng Association, which was founded in Singapore in 1916, according to Edgeprop. The association is one of the most established Hakka associations set up in China over a century ago to provide assistance to new immigrants from Tingzhou prefecture, Fujian province.