Shophouse with 999-year leasehold tenure in Serangoon Garden up for sale at $10.8 mil
The transaction represents the highest sum paid for a single shophouse in Serangoon Garden estate, based on 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 two-storey industrial property has an overview rate of $10.8 million. This translates to $4,154 psf on its complete built-up area of around 2,600 sq ft, that includes the five-foot way.
The most up to date shophouse purchase in the area 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 totally rented to Japanese restaurant Sushi Tei, fetched $15 million.
The EOI are going to shut at 3pm on Oct 16.
Nonetheless, the area’s most significant shophouse transaction by absolute amount was the revenue of two adjacent shophouses on Serangoon Garden Way for $17.49 million in May 2023. The 999-year leasehold residential properties occupy an overall acreage of 3,101 sq ft.
The ground floor of the shophouse is rented to an F&B establishment, while a physical fitness studio rents out the upper floor. Entirely, the shophouse generates about $20,000 per month in rent, according to Neo Beng Lee of PropNex Shophouse Elites, a unit under PropNex Realty.
A 999-year leasehold shophouse found in the Serangoon Garden area has been put up for sale through an expression of rate of interest (EOI) exercise.
The shophouse is part of a collection of industrial real estates in the Serangoon Garden area, consisting of shophouses on Serangoon Garden Way, Maju Avenue and Kensington Park Road, together with retail shopping center myVillage. The collection is also near to Chomp Food Centre and Serangoon Garden Market.
The real estate, located in the established Serangoon Garden landed estate, appreciates solid footfall, stated Neo. “Without any extra buyer’s stamp obligation or GST appropriate to the sale, and a restricted supply of only 69 commercial shophouses in Serangoon Garden, we anticipate solid interest from the two institutional and private capitalists– local area and international as well,” he added.
