Shophouse with 999-year leasehold tenure in Serangoon Garden up for sale at $10.8 mil
The purchase stands for the highest possible sum paid for a single shophouse in Serangoon Garden estate, based on lodged caveats. It surpassed the past high of $14.85 million set in December 2020 with the sale of an additional 999-year leasehold shophouse on Serangoon Garden Way.
The most recent 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, that is fully leased to Japanese restaurant Sushi Tei, fetched $15 million.
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 about 2,600 sq ft, which includes the five-foot way.
A 999-year leasehold shophouse found in the Serangoon Garden area has been offered via an expression of passion (EOI) exercise.
The ground floor of the shophouse is rented to an F&B facility, whilst a physical 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 Real estate.
Bloomsbury Residences floor plan
Nevertheless, the area’s greatest shophouse transaction by absolute amount was the revenue of two adjoining shophouses on Serangoon Garden Way for $17.49 million in May 2023. The 999-year leasehold residential properties occupy a total acreage of 3,101 sq ft.
The real estate, located in the developed Serangoon Garden landed estate, appreciates sturdy footfall, claimed Neo. “Without additional buyer’s stamp obligation or GST appropriate to the sale, and a restricted source of just 69 commercial shophouses in Serangoon Garden, we anticipate solid interest from the two institutional and private financiers– local area and international alike,” he added.
The EOI are going to close at 3pm on Oct 16.
The shophouse becomes part of a cluster of industrial real estates in the Serangoon Garden area, making up shophouses on Serangoon Garden Way, Maju Avenue and Kensington Park Road, along with retail mall myVillage. The collection is also close to Chomp Food Centre and Serangoon Garden Market.
