Shophouse with 999-year leasehold tenure in Serangoon Garden up for sale at $10.8 mil
The property, based in the developed Serangoon Garden landed estate, appreciates strong footfall, claimed Neo. “Without added buyer’s stamp duty or GST related to the sale, and a limited amount of just 69 business shophouses in Serangoon Garden, we assume strong interest from both institutional and private capitalists– local area and foreign as well,” he included.
The ground floor of the shophouse is contracted to an F&B building, while a fitness studio rents out the upper flooring. Entirely, the shophouse creates about $20,000 monthly in rent, according to Neo Beng Lee of PropNex Shophouse Elites, a unit under PropNex Realty.
The purchase stands for the highest sum paid for a single shophouse in Serangoon Garden estate, based on lodged cautions. It surpassed the previous high of $14.85 million set in December 2020 with the sale of another 999-year leasehold shophouse on Serangoon Garden Way.
Lentor Gardens Residences condo
Nevertheless, the area’s biggest shophouse transaction by outright sum 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 shophouse is part of a set of commercial properties in the Serangoon Garden area, comprising shophouses on Serangoon Garden Way, Maju Avenue and Kensington Park Road, along with retail shopping mall myVillage. The collection is also near to Chomp Food Centre and Serangoon Garden Market.
The current 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 completely leased to Japanese restaurant Sushi Tei, brought $15 million.
The EOI are going to close at 3pm on Oct 16.
A 999-year leasehold shophouse located in the Serangoon Garden area has been offered through an expression of passion (EOI) exercise.
The two-storey business real estate has a guide rate of $10.8 million. This translates to $4,154 psf on its complete built-up area of around 2,600 sq ft, which includes the five-foot way.
