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 interest (EOI) exercise.
The deal represents 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 arised December 2020 with the sale of one more 999-year leasehold shophouse on Serangoon Garden Way.
The current shophouse deal in the location was the revenue 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 fully leased to Japanese restaurant Sushi Tei, fetched $15 million.
The real estate, situated in the established Serangoon Garden landed estate, appreciates strong footfall, said Neo. “Without any added buyer’s stamp duty or GST applicable to the sale, and a restricted amount of only 69 business shophouses in Serangoon Garden, we anticipate solid interest from both institutional and private financiers– local and international as well,” he added.
The two-storey industrial real estate has a guide price of $10.8 million. This equates to $4,154 psf on its complete built-up area of about 2,600 sq ft, which includes the five-foot way.
The ground floor of the shophouse is contracted to an F&B building, while a physical 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.
However, the location’s greatest shophouse transaction by absolute amount was the sale of 2 adjoining shophouses on Serangoon Garden Way for $17.49 million in May 2023. The 999-year leasehold properties inhabit a total acreage of 3,101 sq ft.
The EOI are going to shut at 3pm on Oct 16.
The shophouse becomes part of a collection of commercial real estates in the Serangoon Garden place, making up shophouses on Serangoon Garden Way, Maju Avenue and Kensington Park Road, together with retail shopping center myVillage. The cluster is likewise near to Chomp Food Centre and Serangoon Garden Market.
