Shophouse with 999-year leasehold tenure in Serangoon Garden up for sale at $10.8 mil
The most recent shophouse purchase 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, which is completely leased to Japanese restaurant Sushi Tei, fetched $15 million.
The purchase represents the greatest sum paid for a single shophouse in Serangoon Garden estate, based on lodged cautions. It beat the prior high of $14.85 million set in December 2020 with the sale of another 999-year leasehold shophouse on Serangoon Garden Way.
The shophouse belongs to a set of commercial real estates in the Serangoon Garden place, comprising shophouses on Serangoon Garden Way, Maju Avenue and Kensington Park Road, in addition to retail shopping mall myVillage. The collection is likewise near Chomp Food Centre and Serangoon Garden Market.
The ground floor of the shophouse is contracted to an F&B building, whilst a fitness studio leases the upper floor. Completely, the shophouse generates around $20,000 monthly in rent, according to Neo Beng Lee of PropNex Shophouse Elites, a unit under PropNex Realty.
The two-storey business real estate has a guide cost of $10.8 million. This translates to $4,154 psf on its complete built-up area of about 2,600 sq ft, that includes the five-foot way.
However, the location’s greatest shophouse transaction by outright amount was the revenue of 2 adjoining shophouses on Serangoon Garden Way for $17.49 million in May 2023. The 999-year leasehold residential properties inhabit an overall acreage of 3,101 sq ft.
The EOI will close at 3pm on Oct 16.
A 999-year leasehold shophouse situated in the Serangoon Garden area has been put up for sale via an expression of passion (EOI) exercise.
The real estate, based in the developed Serangoon Garden landed estate, enjoys strong footfall, said Neo. “Without added buyer’s stamp responsibility or GST appropriate to the sale, and a limited source of only 69 business shophouses in Serangoon Garden, we assume strong interest from both institutional and private capitalists– local area and foreign as well,” he added.
