Shophouse with 999-year leasehold tenure in Serangoon Garden up for sale at $10.8 mil
The ground floor of the shophouse is leased to an F&B facility, whilst a fitness studio rents out the upper floor. 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 EOI are going to shut at 3pm on Oct 16.
The most recent shophouse purchase in the location 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 fully leased to Japanese restaurant Sushi Tei, fetched $15 million.
The deal represents the greatest sum paid for a single shophouse in Serangoon Garden estate, based upon lodged caveats. It surpassed the past high of $14.85 million set in December 2020 with the sale of another 999-year leasehold shophouse on Serangoon Garden Way.
The shophouse becomes part of a collection of industrial properties in the Serangoon Garden area, consisting of shophouses on Serangoon Garden Way, Maju Avenue and Kensington Park Road, in addition to retail shopping mall myVillage. The cluster is likewise near Chomp Food Centre and Serangoon Garden Market.
A 999-year leasehold shophouse found in the Serangoon Garden area has actually been put up for sale through an expression of interest (EOI) exercise.
The real estate, situated in the developed Serangoon Garden landed estate, enjoys solid footfall, claimed Neo. “With no added buyer’s stamp responsibility or GST related to the sale, and a minimal source of only 69 business shophouses in Serangoon Garden, we assume strong interest from the two institutional and private investors– local area and international as well,” he added.
However, the location’s biggest shophouse transaction by outright total was the revenue of 2 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 two-storey business property has an overview price of $10.8 million. This equates to $4,154 psf on its total built-up area of around 2,600 sq ft, that includes the five-foot way.
