Shophouse with 999-year leasehold tenure in Serangoon Garden up for sale at $10.8 mil
The shophouse becomes part of a set of industrial properties in the Serangoon Garden spot, making up shophouses on Serangoon Garden Way, Maju Avenue and Kensington Park Road, together with retail mall myVillage. The collection is additionally near to Chomp Food Centre and Serangoon Garden Market.
A 999-year leasehold shophouse situated in the Serangoon Garden area has been offered through an expression of rate of interest (EOI) exercise.
The two-storey business property has a guide rate of $10.8 million. This equates to $4,154 psf on its complete built-up area of around 2,600 sq ft, that includes the five-foot way.
The current 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, that is fully rented to Japanese restaurant Sushi Tei, fetched $15 million.
The real estate, situated in the established Serangoon Garden landed estate, enjoys sturdy footfall, said Neo. “With no extra buyer’s stamp obligation or GST related to the sale, and a restricted supply of just 69 commercial shophouses in Serangoon Garden, we expect strong interest from both institutional and private capitalists– local and foreign as well,” he included.
The ground floor of the shophouse is leased to an F&B building, whilst a fitness studio leases the upper flooring. Altogether, 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 transaction presents the greatest sum paid for a single shophouse in Serangoon Garden estate, based on lodged warnings. It surpassed 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.
The EOI are going to close at 3pm on Oct 16.
However, the location’s most significant shophouse transaction by outright total was the revenue of two adjacent shophouses on Serangoon Garden Way for $17.49 million in May 2023. The 999-year leasehold residential properties occupy a complete land area of 3,101 sq ft.
