Shophouse with 999-year leasehold tenure in Serangoon Garden up for sale at $10.8 mil
A 999-year leasehold shophouse located in the Serangoon Garden area has been put up for sale with an expression of passion (EOI) exercise.
However, the location’s biggest shophouse transaction by outright total was the revenue of 2 adjacent shophouses on Serangoon Garden Way for $17.49 million in May 2023. The 999-year leasehold residential properties occupy a complete land area of 3,101 sq ft.
The EOI are going to close at 3pm on Oct 16.
The property, situated in the existing Serangoon Garden landed estate, enjoys strong footfall, said Neo. “Without extra buyer’s stamp obligation or GST applicable to the sale, and a restricted amount of only 69 commercial shophouses in Serangoon Garden, we expect strong interest from both institutional and private financiers– local and foreign as well,” he included.
The deal stands for the greatest sum paid for a single shophouse in Serangoon Garden estate, based upon lodged cautions. It surpassed 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.
The most up to date shophouse deal in the location 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, that is completely leased to Japanese restaurant Sushi Tei, brought $15 million.
The ground floor of the shophouse is leased to an F&B building, while a fitness studio leases the upper flooring. 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.
The shophouse belongs to a set of commercial properties in the Serangoon Garden spot, consisting of shophouses on Serangoon Garden Way, Maju Avenue and Kensington Park Road, along with retail shopping center myVillage. The cluster is additionally near to Chomp Food Centre and Serangoon Garden Market.
The two-storey business property has a guide price 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.
