Shophouse with 999-year leasehold tenure in Serangoon Garden up for sale at $10.8 mil
The property, based in the established Serangoon Garden landed estate, appreciates strong footfall, said Neo. “Without any extra buyer’s stamp duty or GST related to the sale, and a minimal supply of just 69 business shophouses in Serangoon Garden, we anticipate solid interest from the two institutional and private capitalists– local area and foreign alike,” he included.
The latest shophouse deal in the area 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, that is totally rented to Japanese restaurant Sushi Tei, fetched $15 million.
The EOI are going to close at 3pm on Oct 16.
The two-storey industrial property has a guide cost of $10.8 million. This translates to $4,154 psf on its overall built-up area of around 2,600 sq ft, that includes the five-foot way.
A 999-year leasehold shophouse located in the Serangoon Garden area has actually been offered with an expression of interest (EOI) exercise.
The shophouse becomes part of a cluster of commercial real estates in the Serangoon Garden spot, comprising shophouses on Serangoon Garden Way, Maju Avenue and Kensington Park Road, together with retail mall myVillage. The collection is additionally near Chomp Food Centre and Serangoon Garden Market.
The ground floor of the shophouse is contracted to an F&B establishment, whilst a physical fitness studio leases the upper floor. Entirely, the shophouse creates about $20,000 monthly in rent, according to Neo Beng Lee of PropNex Shophouse Elites, a unit under PropNex Realty.
The deal stands for the highest possible sum paid for a single shophouse in Serangoon Garden estate, based upon lodged caveats. It defeated the past high of $14.85 million set in December 2020 with the sale of one more 999-year leasehold shophouse on Serangoon Garden Way.
Nonetheless, the area’s most significant shophouse transaction by outright 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 land area of 3,101 sq ft.
