Shophouse with 999-year leasehold tenure in Serangoon Garden up for sale at $10.8 mil
The ground floor of the shophouse is leased to an F&B building, whilst a fitness studio rents the upper floor. Completely, the shophouse generates about $20,000 monthly in rent, according to Neo Beng Lee of PropNex Shophouse Elites, a unit under PropNex Real estate.
Nevertheless, the location’s most significant shophouse transaction by outright sum was the sale of two adjoining shophouses on Serangoon Garden Way for $17.49 million in May 2023. The 999-year leasehold residential properties inhabit a complete land area of 3,101 sq ft.
The shophouse is part of a collection of commercial properties in the Serangoon Garden area, comprising shophouses on Serangoon Garden Way, Maju Avenue and Kensington Park Road, in addition to retail shopping center myVillage. The collection is additionally near to Chomp Food Centre and Serangoon Garden Market.
The EOI are going to close at 3pm on Oct 16.
A 999-year leasehold shophouse located in the Serangoon Garden area has been put up for sale via an expression of rate of interest (EOI) exercise.
The two-storey commercial real estate has a guide rate of $10.8 million. This converts to $4,154 psf on its complete built-up area of about 2,600 sq ft, which includes the five-foot way.
The real estate, based in the existing Serangoon Garden landed estate, enjoys strong footfall, said Neo. “Without any additional buyer’s stamp obligation or GST related to the sale, and a restricted supply of just 69 commercial shophouses in Serangoon Garden, we assume solid interest from both institutional and private investors– local area and international as well,” he included.
The latest shophouse purchase in the area 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, that is completely leased to Japanese restaurant Sushi Tei, brought $15 million.
The purchase represents the greatest sum paid for a single shophouse in Serangoon Garden estate, based on lodged cautions. It surpassed the prior high of $14.85 million arised December 2020 with the sale of one more 999-year leasehold shophouse on Serangoon Garden Way.
