Shophouse with 999-year leasehold tenure in Serangoon Garden up for sale at $10.8 mil
A 999-year leasehold shophouse located in the Serangoon Garden area has been put up for sale with an expression of passion (EOI) exercise.
The two-storey industrial property has an overview cost of $10.8 million. This converts to $4,154 psf on its overall built-up area of around 2,600 sq ft, that includes the five-foot way.
The ground floor of the shophouse is contracted to an F&B facility, while a fitness studio rents the upper flooring. Altogether, the shophouse creates around $20,000 monthly in rent, according to Neo Beng Lee of PropNex Shophouse Elites, a unit under PropNex Realty.
The shophouse is part of a set of commercial real estates in the Serangoon Garden place, comprising shophouses on Serangoon Garden Way, Maju Avenue and Kensington Park Road, along with retail mall myVillage. The collection is additionally close to Chomp Food Centre and Serangoon Garden Market.
The most up to date shophouse purchase 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, that is completely rented to Japanese restaurant Sushi Tei, brought $15 million.
Nevertheless, the location’s most significant shophouse transaction by outright amount was the sale of two adjacent shophouses on Serangoon Garden Way for $17.49 million in May 2023. The 999-year leasehold residential properties occupy a total land area of 3,101 sq ft.
The EOI are going to close at 3pm on Oct 16.
The property, situated in the existing Serangoon Garden landed estate, enjoys strong footfall, stated Neo. “Without extra buyer’s stamp duty or GST related to the sale, and a minimal amount of only 69 business shophouses in Serangoon Garden, we expect solid interest from both institutional and private capitalists– local area and international alike,” he added.
The deal presents the highest possible sum paid for a single shophouse in Serangoon Garden estate, based upon lodged cautions. It defeated the prior high of $14.85 million set in December 2020 with the sale of one more 999-year leasehold shophouse on Serangoon Garden Way.
