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 equates to $4,154 psf on its complete built-up area of around 2,600 sq ft, which includes the five-foot way.
A 999-year leasehold shophouse located in the Serangoon Garden area has actually been put up for sale via an expression of rate of interest (EOI) exercise.
The ground floor of the shophouse is leased to an F&B building, whilst a fitness studio rents the upper flooring. Completely, the shophouse generates around $20,000 monthly in rent, according to Neo Beng Lee of PropNex Shophouse Elites, a unit under PropNex Realty.
Nonetheless, the location’s largest shophouse transaction by absolute amount was the revenue of two adjacent shophouses on Serangoon Garden Way for $17.49 million in May 2023. The 999-year leasehold residential properties inhabit an overall land area of 3,101 sq ft.
The latest shophouse deal 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, that is completely rented to Japanese restaurant Sushi Tei, brought $15 million.
The shophouse becomes part of a cluster of commercial real estates in the Serangoon Garden area, consisting of shophouses on Serangoon Garden Way, Maju Avenue and Kensington Park Road, together with retail shopping center myVillage. The cluster is likewise close to Chomp Food Centre and Serangoon Garden Market.
The EOI are going to close at 3pm on Oct 16.
The property, situated in the developed Serangoon Garden landed estate, appreciates sturdy footfall, stated Neo. “Without additional buyer’s stamp responsibility or GST related to the sale, and a limited amount of just 69 business shophouses in Serangoon Garden, we anticipate strong interest from both institutional and private capitalists– local and international as well,” he added.
The transaction represents the highest possible sum paid for a single shophouse in Serangoon Garden estate, based upon lodged warnings. It defeated the past high of $14.85 million arised December 2020 with the sale of another 999-year leasehold shophouse on Serangoon Garden Way.
