Shophouse with 999-year leasehold tenure in Serangoon Garden up for sale at $10.8 mil
A 999-year leasehold shophouse located in the Serangoon Garden area has been offered through an expression of rate of interest (EOI) exercise.
The ground floor of the shophouse is leased to an F&B establishment, while a fitness studio rents out the upper flooring. Completely, the shophouse creates around $20,000 per month in rent, according to Neo Beng Lee of PropNex Shophouse Elites, a unit under PropNex Real estate.
The property, situated in the established Serangoon Garden landed estate, appreciates solid footfall, stated Neo. “Without extra buyer’s stamp responsibility or GST related to the sale, and a limited supply of just 69 business shophouses in Serangoon Garden, we expect strong interest from both institutional and private capitalists– local area and foreign alike,” he added.
The transaction stands for the greatest sum paid for a single shophouse in Serangoon Garden estate, based upon lodged cautions. It surpassed the past high of $14.85 million arised December 2020 with the sale of one more 999-year leasehold shophouse on Serangoon Garden Way.
The shophouse is part of a cluster of commercial properties in the Serangoon Garden spot, making up shophouses on Serangoon Garden Way, Maju Avenue and Kensington Park Road, along with retail shopping center myVillage. The cluster is likewise near Chomp Food Centre and Serangoon Garden Market.
The two-storey industrial real estate has an overview rate of $10.8 million. This translates to $4,154 psf on its total built-up area of about 2,600 sq ft, which includes the five-foot way.
The EOI will close at 3pm on Oct 16.
The latest shophouse transaction 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, that is completely leased to Japanese restaurant Sushi Tei, brought $15 million.
Nevertheless, the area’s biggest shophouse transaction by outright total was the sale of two adjoining shophouses on Serangoon Garden Way for $17.49 million in May 2023. The 999-year leasehold properties inhabit an overall land area of 3,101 sq ft.
