Shophouse with 999-year leasehold tenure in Serangoon Garden up for sale at $10.8 mil
The property, based in the existing Serangoon Garden landed estate, enjoys strong footfall, claimed Neo. “With no additional buyer’s stamp responsibility or GST related to the sale, and a restricted supply of just 69 commercial shophouses in Serangoon Garden, we assume solid interest from the two institutional and private investors– local and international alike,” he included.
The shophouse is part of a cluster of industrial properties in the Serangoon Garden spot, making up shophouses on Serangoon Garden Way, Maju Avenue and Kensington Park Road, in addition to retail shopping center myVillage. The collection is also near Chomp Food Centre and Serangoon Garden Market.
The EOI will close at 3pm on Oct 16.
The ground floor of the shophouse is contracted to an F&B establishment, whilst a fitness studio leases the upper floor. Entirely, the shophouse creates about $20,000 monthly in rent, according to Neo Beng Lee of PropNex Shophouse Elites, a unit under PropNex Real estate.
A 999-year leasehold shophouse located in the Serangoon Garden area has been put up for sale with an expression of interest (EOI) exercise.
The most up to date shophouse purchase in the location 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 completely leased to Japanese restaurant Sushi Tei, brought $15 million.
The two-storey business real estate has a guide rate of $10.8 million. This equates to $4,154 psf on its total built-up area of about 2,600 sq ft, which includes the five-foot way.
However, the area’s most significant shophouse transaction by outright total was the sale of two adjacent shophouses on Serangoon Garden Way for $17.49 million in May 2023. The 999-year leasehold properties occupy an overall acreage of 3,101 sq ft.
The deal 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 set in December 2020 with the sale of an additional 999-year leasehold shophouse on Serangoon Garden Way.
