Shophouse with 999-year leasehold tenure in Serangoon Garden up for sale at $10.8 mil
The latest shophouse deal 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, that is completely rented to Japanese restaurant Sushi Tei, brought $15 million.
The property, situated in the existing Serangoon Garden landed estate, enjoys strong footfall, said Neo. “With no additional buyer’s stamp duty or GST related to the sale, and a minimal amount of just 69 commercial shophouses in Serangoon Garden, we anticipate solid interest from the two institutional and private investors– local area and foreign alike,” he added.
The ground floor of the shophouse is leased to an F&B building, while a physical fitness studio rents out the upper floor. Altogether, the shophouse creates around $20,000 each month in rent, according to Neo Beng Lee of PropNex Shophouse Elites, a unit under PropNex Real estate.
The purchase stands for the greatest sum paid for a single shophouse in Serangoon Garden estate, based upon lodged caveats. It defeated the previous high of $14.85 million set in December 2020 with the sale of an additional 999-year leasehold shophouse on Serangoon Garden Way.
Pinery Residences Hoi Hup Realty & Sunway
The shophouse belongs to a cluster of commercial real estates in the Serangoon Garden place, consisting of shophouses on Serangoon Garden Way, Maju Avenue and Kensington Park Road, along with retail shopping center myVillage. The collection is also close to Chomp Food Centre and Serangoon Garden Market.
Nonetheless, the location’s largest shophouse transaction by absolute total was the revenue of two adjacent shophouses on Serangoon Garden Way for $17.49 million in May 2023. The 999-year leasehold properties inhabit a total land area of 3,101 sq ft.
The EOI are going to close at 3pm on Oct 16.
The two-storey business real estate has a guide price of $10.8 million. This equates to $4,154 psf on its total built-up area of about 2,600 sq ft, which includes the five-foot way.
A 999-year leasehold shophouse found in the Serangoon Garden area has actually been offered through an expression of rate of interest (EOI) exercise.
