Shophouse with 999-year leasehold tenure in Serangoon Garden up for sale at $10.8 mil
The transaction stands for the highest sum paid for a single shophouse in Serangoon Garden estate, based on lodged caveats. It defeated 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 two-storey industrial property has a guide rate of $10.8 million. This converts to $4,154 psf on its total built-up area of around 2,600 sq ft, which includes the five-foot way.
The property, based in the developed Serangoon Garden landed estate, enjoys solid footfall, claimed Neo. “With no added buyer’s stamp duty or GST related to the sale, and a restricted source of just 69 business shophouses in Serangoon Garden, we expect solid interest from the two institutional and private capitalists– local and international alike,” he included.
A 999-year leasehold shophouse found in the Serangoon Garden area has been put up for sale via an expression of passion (EOI) exercise.
The EOI will close at 3pm on Oct 16.
However, the location’s most significant shophouse transaction by outright amount was the sale of two adjacent shophouses on Serangoon Garden Way for $17.49 million in May 2023. The 999-year leasehold properties occupy a total acreage of 3,101 sq ft.
The most up to date 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 leased to Japanese restaurant Sushi Tei, brought $15 million.
The shophouse is part of a set of commercial properties 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 cluster is additionally near Chomp Food Centre and Serangoon Garden Market.
The ground floor of the shophouse is leased to an F&B building, while a physical fitness studio leases the upper floor. Altogether, the shophouse creates around $20,000 monthly in rent, according to Neo Beng Lee of PropNex Shophouse Elites, a unit under PropNex Real estate.
