Shophouse with 999-year leasehold tenure in Serangoon Garden up for sale at $10.8 mil
The current shophouse transaction in the area was the sale 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 leased to Japanese restaurant Sushi Tei, brought $15 million.
A 999-year leasehold shophouse located in the Serangoon Garden area has actually been put up for sale via an expression of rate of interest (EOI) exercise.
The property, situated in the established Serangoon Garden landed estate, enjoys sturdy footfall, stated Neo. “Without any extra buyer’s stamp duty or GST appropriate to the sale, and a restricted supply of just 69 business shophouses in Serangoon Garden, we anticipate strong interest from both institutional and private capitalists– local and foreign alike,” he included.
The shophouse belongs to a cluster of commercial real estates in the Serangoon Garden spot, consisting of shophouses on Serangoon Garden Way, Maju Avenue and Kensington Park Road, along with retail shopping mall myVillage. The collection is also close to Chomp Food Centre and Serangoon Garden Market.
The EOI are going to close at 3pm on Oct 16.
The deal represents the greatest sum paid for a single shophouse in Serangoon Garden estate, based upon lodged caveats. It beat the past high of $14.85 million set in December 2020 with the sale of another 999-year leasehold shophouse on Serangoon Garden Way.
Springleaf Residence condominium
Nonetheless, the area’s greatest shophouse transaction by absolute sum was the sale of 2 adjacent shophouses on Serangoon Garden Way for $17.49 million in May 2023. The 999-year leasehold properties occupy a total land area of 3,101 sq ft.
The ground floor of the shophouse is contracted to an F&B facility, whilst a fitness studio rents out the upper floor. Altogether, the shophouse creates about $20,000 each month in rent, according to Neo Beng Lee of PropNex Shophouse Elites, a unit under PropNex Real estate.
The two-storey business real estate has an overview rate of $10.8 million. This equates to $4,154 psf on its complete built-up area of around 2,600 sq ft, that includes the five-foot way.
