Shophouse with 999-year leasehold tenure in Serangoon Garden up for sale at $10.8 mil
The most up to date shophouse deal in the location 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 two-storey industrial property has an overview price of $10.8 million. This equates to $4,154 psf on its overall built-up area of about 2,600 sq ft, which includes the five-foot way.
The EOI are going to shut at 3pm on Oct 16.
The ground floor of the shophouse is leased to an F&B facility, while a physical fitness studio rents out the upper flooring. Entirely, the shophouse creates around $20,000 monthly in rent, according to Neo Beng Lee of PropNex Shophouse Elites, a unit under PropNex Real estate.
A 999-year leasehold shophouse found in the Serangoon Garden area has been put up for sale via an expression of interest (EOI) exercise.
The real estate, located in the developed Serangoon Garden landed estate, enjoys strong footfall, stated Neo. “Without added buyer’s stamp duty or GST applicable to the sale, and a minimal source of only 69 commercial shophouses in Serangoon Garden, we expect solid interest from both institutional and private capitalists– local and foreign as well,” he added.
The purchase represents the highest possible sum paid for a single shophouse in Serangoon Garden estate, based upon lodged cautions. It defeated 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 shophouse becomes part of a cluster of industrial real estates 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 likewise close to Chomp Food Centre and Serangoon Garden Market.
Nonetheless, the area’s biggest shophouse transaction by absolute amount 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 total acreage of 3,101 sq ft.
