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 through an expression of interest (EOI) exercise.
The current shophouse transaction 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, which is totally rented to Japanese restaurant Sushi Tei, brought $15 million.
The transaction presents the highest possible sum paid for a single shophouse in Serangoon Garden estate, based on lodged caveats. It surpassed the prior high of $14.85 million arised December 2020 with the sale of one more 999-year leasehold shophouse on Serangoon Garden Way.
The EOI are going to shut at 3pm on Oct 16.
The two-storey industrial property has an overview price of $10.8 million. This translates to $4,154 psf on its total built-up area of about 2,600 sq ft, which includes the five-foot way.
Nonetheless, the location’s largest shophouse transaction by absolute total was the sale of 2 adjacent shophouses on Serangoon Garden Way for $17.49 million in May 2023. The 999-year leasehold residential properties occupy a total land area of 3,101 sq ft.
The shophouse belongs to a set of commercial properties in the Serangoon Garden area, making up shophouses on Serangoon Garden Way, Maju Avenue and Kensington Park Road, together with retail mall myVillage. The collection is likewise near Chomp Food Centre and Serangoon Garden Market.
The property, situated in the existing Serangoon Garden landed estate, appreciates strong footfall, said Neo. “Without extra buyer’s stamp obligation or GST related to the sale, and a minimal amount of only 69 business shophouses in Serangoon Garden, we anticipate strong interest from the two institutional and private investors– local area and foreign alike,” he included.
The ground floor of the shophouse is contracted to an F&B establishment, whilst a physical fitness studio rents the upper flooring. Altogether, the shophouse generates around $20,000 per month in rent, according to Neo Beng Lee of PropNex Shophouse Elites, a unit under PropNex Real estate.
