Shophouse with 999-year leasehold tenure in Serangoon Garden up for sale at $10.8 mil
The ground floor of the shophouse is contracted to an F&B facility, whilst a fitness studio rents the upper floor. 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 real estate, situated in the existing Serangoon Garden landed estate, enjoys sturdy footfall, said Neo. “Without any additional buyer’s stamp duty or GST related to the sale, and a minimal supply of just 69 commercial shophouses in Serangoon Garden, we anticipate solid interest from the two institutional and private financiers– local and international alike,” he added.
The most recent shophouse purchase in the location was the purchase 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 rented to Japanese restaurant Sushi Tei, fetched $15 million.
A 999-year leasehold shophouse found in the Serangoon Garden area has been offered via an expression of interest (EOI) exercise.
The two-storey industrial property has a guide rate of $10.8 million. This translates to $4,154 psf on its complete built-up area of about 2,600 sq ft, that includes the five-foot way.
The shophouse is part of a set of commercial properties in the Serangoon Garden place, making up shophouses on Serangoon Garden Way, Maju Avenue and Kensington Park Road, along with retail mall myVillage. The collection is additionally close to Chomp Food Centre and Serangoon Garden Market.
The EOI will close at 3pm on Oct 16.
Nevertheless, the location’s largest shophouse transaction by outright amount was the sale of two adjacent 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 transaction stands for 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.
