Shophouse with 999-year leasehold tenure in Serangoon Garden up for sale at $10.8 mil
The two-storey commercial property has an overview price of $10.8 million. This converts to $4,154 psf on its complete built-up area of around 2,600 sq ft, which includes the five-foot way.
The real estate, based in the developed Serangoon Garden landed estate, enjoys strong footfall, said Neo. “Without any extra buyer’s stamp obligation or GST applicable to the sale, and a limited amount of only 69 commercial shophouses in Serangoon Garden, we assume strong interest from the two institutional and private capitalists– local and international as well,” he included.
The current shophouse transaction in the area was the sale 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 totally leased to Japanese restaurant Sushi Tei, fetched $15 million.
The EOI will shut at 3pm on Oct 16.
However, the location’s biggest shophouse transaction by outright sum was the sale of 2 adjoining shophouses on Serangoon Garden Way for $17.49 million in May 2023. The 999-year leasehold properties inhabit a complete land area of 3,101 sq ft.
The ground floor of the shophouse is rented to an F&B building, whilst a physical fitness studio rents out the upper floor. Completely, the shophouse generates around $20,000 each month in rent, according to Neo Beng Lee of PropNex Shophouse Elites, a unit under PropNex Realty.
A 999-year leasehold shophouse found in the Serangoon Garden area has actually been put up for sale through an expression of passion (EOI) exercise.
The shophouse is part of a cluster of commercial real estates in the Serangoon Garden area, making up shophouses on Serangoon Garden Way, Maju Avenue and Kensington Park Road, in addition to retail shopping mall myVillage. The collection is likewise near Chomp Food Centre and Serangoon Garden Market.
The purchase represents the highest sum paid for a single shophouse in Serangoon Garden estate, based upon lodged caveats. It beat the prior high of $14.85 million set in December 2020 with the sale of another 999-year leasehold shophouse on Serangoon Garden Way.
