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 total built-up area of about 2,600 sq ft, which includes the five-foot way.
Nonetheless, the area’s greatest shophouse transaction by outright amount was the sale of 2 adjoining shophouses on Serangoon Garden Way for $17.49 million in May 2023. The 999-year leasehold residential properties inhabit an overall acreage of 3,101 sq ft.
The transaction stands for the highest possible sum paid for a single shophouse in Serangoon Garden estate, based upon lodged caveats. 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 real estate, situated in the established Serangoon Garden landed estate, appreciates strong footfall, said Neo. “With no added buyer’s stamp responsibility or GST related to the sale, and a restricted source of only 69 business shophouses in Serangoon Garden, we assume strong interest from both institutional and private investors– local and foreign as well,” he added.
A 999-year leasehold shophouse found in the Serangoon Garden area has been offered through an expression of interest (EOI) exercise.
The ground floor of the shophouse is leased to an F&B building, while a physical fitness studio rents the upper floor. Completely, the shophouse generates about $20,000 each month in rent, according to Neo Beng Lee of PropNex Shophouse Elites, a unit under PropNex Realty.
The EOI will shut at 3pm on Oct 16.
The shophouse is part of a set of commercial real estates in the Serangoon Garden spot, comprising shophouses on Serangoon Garden Way, Maju Avenue and Kensington Park Road, in addition to retail shopping center myVillage. The collection is additionally near to Chomp Food Centre and Serangoon Garden Market.
The latest shophouse purchase in the area 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, fetched $15 million.
