Shophouse with 999-year leasehold tenure in Serangoon Garden up for sale at $10.8 mil
The two-storey commercial property has an overview rate of $10.8 million. This translates to $4,154 psf on its complete built-up area of around 2,600 sq ft, that includes the five-foot way.
The purchase represents the highest sum paid for a single shophouse in Serangoon Garden estate, based on lodged warnings. It beat the previous high of $14.85 million set in December 2020 with the sale of an additional 999-year leasehold shophouse on Serangoon Garden Way.
The shophouse is part of a set of industrial properties in the Serangoon Garden place, comprising shophouses on Serangoon Garden Way, Maju Avenue and Kensington Park Road, along with retail shopping center myVillage. The cluster is also near to Chomp Food Centre and Serangoon Garden Market.
The property, based in the developed Serangoon Garden landed estate, enjoys sturdy footfall, stated Neo. “Without any extra buyer’s stamp obligation or GST applicable to the sale, and a minimal amount of only 69 business shophouses in Serangoon Garden, we assume strong interest from the two institutional and private investors– local area and foreign alike,” he added.
Nevertheless, the location’s most significant shophouse transaction by absolute amount was the revenue of 2 adjacent shophouses on Serangoon Garden Way for $17.49 million in May 2023. The 999-year leasehold residential properties inhabit a total land area of 3,101 sq ft.
The EOI will close at 3pm on Oct 16.
A 999-year leasehold shophouse found in the Serangoon Garden area has been offered through an expression of rate of interest (EOI) exercise.
The most recent 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, which is totally rented to Japanese restaurant Sushi Tei, brought $15 million.
The ground floor of the shophouse is rented to an F&B facility, while a physical fitness studio leases the upper flooring. Entirely, the shophouse generates around $20,000 each month in rent, according to Neo Beng Lee of PropNex Shophouse Elites, a unit under PropNex Real estate.
