Shophouse with 999-year leasehold tenure in Serangoon Garden up for sale at $10.8 mil
The ground floor of the shophouse is rented to an F&B facility, whilst a physical 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.
Nevertheless, the area’s most significant shophouse transaction by outright total was the revenue of two adjacent shophouses on Serangoon Garden Way for $17.49 million in May 2023. The 999-year leasehold properties occupy a total acreage of 3,101 sq ft.
The property, based in the existing Serangoon Garden landed estate, enjoys sturdy footfall, claimed Neo. “Without any added buyer’s stamp responsibility or GST appropriate to the sale, and a minimal amount of just 69 business shophouses in Serangoon Garden, we assume strong interest from both institutional and private investors– local and international alike,” he included.
The EOI are going to shut at 3pm on Oct 16.
The transaction represents the highest possible sum paid for a single shophouse in Serangoon Garden estate, based on lodged cautions. It beat the past high of $14.85 million arised December 2020 with the sale of an additional 999-year leasehold shophouse on Serangoon Garden Way.
The two-storey industrial real estate has a guide rate of $10.8 million. This converts to $4,154 psf on its total built-up area of about 2,600 sq ft, that includes the five-foot way.
The shophouse belongs to a collection of commercial properties in the Serangoon Garden spot, making up shophouses on Serangoon Garden Way, Maju Avenue and Kensington Park Road, together with retail shopping center myVillage. The collection is likewise near to Chomp Food Centre and Serangoon Garden Market.
A 999-year leasehold shophouse situated in the Serangoon Garden area has actually been put up for sale through an expression of rate of interest (EOI) exercise.
The most recent shophouse transaction 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, which is completely rented to Japanese restaurant Sushi Tei, brought $15 million.
