Shophouse with 999-year leasehold tenure in Serangoon Garden up for sale at $10.8 mil
The shophouse becomes part of a collection of commercial real estates in the Serangoon Garden area, making up shophouses on Serangoon Garden Way, Maju Avenue and Kensington Park Road, together with retail shopping center myVillage. The cluster is also close to Chomp Food Centre and Serangoon Garden Market.
A 999-year leasehold shophouse situated in the Serangoon Garden area has been put up for sale via an expression of interest (EOI) exercise.
The purchase presents the highest possible sum paid for a single shophouse in Serangoon Garden estate, based upon lodged caveats. It beat the previous high of $14.85 million set in December 2020 with the sale of an additional 999-year leasehold shophouse on Serangoon Garden Way.
However, the location’s greatest shophouse transaction by absolute amount was the sale of two adjoining shophouses on Serangoon Garden Way for $17.49 million in May 2023. The 999-year leasehold properties occupy a complete acreage of 3,101 sq ft.
The two-storey industrial property has an overview cost of $10.8 million. This translates to $4,154 psf on its complete built-up area of around 2,600 sq ft, that includes the five-foot way.
The real estate, located in the established Serangoon Garden landed estate, enjoys sturdy footfall, stated Neo. “Without any added buyer’s stamp obligation or GST appropriate to the sale, and a restricted supply of only 69 business shophouses in Serangoon Garden, we assume strong interest from both institutional and private capitalists– local area and foreign as well,” he added.
The most recent shophouse transaction in the area was the revenue of a 999-year leasehold property on a 2,146 sq ft site on Serangoon Garden Way in June. The two-storey shophouse, which is fully leased to Japanese restaurant Sushi Tei, brought $15 million.
The ground floor of the shophouse is contracted to an F&B building, while a fitness studio leases the upper flooring. Completely, the shophouse generates about $20,000 per month in rent, according to Neo Beng Lee of PropNex Shophouse Elites, a unit under PropNex Realty.
The EOI are going to shut at 3pm on Oct 16.
