Shophouse with 999-year leasehold tenure in Serangoon Garden up for sale at $10.8 mil
A 999-year leasehold shophouse situated in the Serangoon Garden area has actually been offered via an expression of passion (EOI) exercise.
The transaction stands for the greatest sum paid for a single shophouse in Serangoon Garden estate, based upon lodged caveats. It beat the previous high of $14.85 million set in December 2020 with the sale of one more 999-year leasehold shophouse on Serangoon Garden Way.
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However, the area’s greatest shophouse transaction by outright 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 complete acreage of 3,101 sq ft.
The EOI are going to shut at 3pm on Oct 16.
The current shophouse transaction in the area was the purchase 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 rented to Japanese restaurant Sushi Tei, brought $15 million.
The shophouse belongs to a collection of industrial properties in the Serangoon Garden spot, comprising shophouses on Serangoon Garden Way, Maju Avenue and Kensington Park Road, in addition to retail mall myVillage. The collection is also close to Chomp Food Centre and Serangoon Garden Market.
The ground floor of the shophouse is contracted to an F&B building, whilst a physical fitness studio leases the upper flooring. Completely, 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 real estate, based in the established Serangoon Garden landed estate, appreciates strong footfall, said Neo. “Without any additional buyer’s stamp duty or GST appropriate to the sale, and a restricted supply of only 69 commercial shophouses in Serangoon Garden, we assume solid interest from the two institutional and private capitalists– local area and foreign as well,” he included.
The two-storey business real estate has a guide cost of $10.8 million. This translates to $4,154 psf on its total built-up area of around 2,600 sq ft, that includes the five-foot way.
