Shophouse with 999-year leasehold tenure in Serangoon Garden up for sale at $10.8 mil
The deal represents the highest sum paid for a single shophouse in Serangoon Garden estate, based on lodged cautions. It beat the previous high of $14.85 million set in December 2020 with the sale of one more 999-year leasehold shophouse on Serangoon Garden Way.
The shophouse is part of a collection of commercial properties in the Serangoon Garden area, consisting of shophouses on Serangoon Garden Way, Maju Avenue and Kensington Park Road, together with retail shopping mall myVillage. The cluster is also near Chomp Food Centre and Serangoon Garden Market.
The two-storey business real estate has an overview price of $10.8 million. This converts to $4,154 psf on its complete built-up area of about 2,600 sq ft, which includes the five-foot way.
The most recent shophouse transaction 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, which is completely rented to Japanese restaurant Sushi Tei, fetched $15 million.
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 property, situated in the existing Serangoon Garden landed estate, appreciates solid footfall, said Neo. “Without any added buyer’s stamp responsibility or GST appropriate to the sale, and a limited amount of only 69 business shophouses in Serangoon Garden, we anticipate solid interest from both institutional and private capitalists– local and foreign as well,” he included.
Nevertheless, the area’s most significant shophouse transaction by outright sum was the sale of two adjoining shophouses on Serangoon Garden Way for $17.49 million in May 2023. The 999-year leasehold residential properties inhabit an overall land area of 3,101 sq ft.
The EOI will close at 3pm on Oct 16.
The ground floor of the shophouse is rented to an F&B facility, while a fitness studio rents out the upper flooring. Completely, 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.
