Shophouse with 999-year leasehold tenure in Serangoon Garden up for sale at $10.8 mil
The real estate, based in the existing Serangoon Garden landed estate, enjoys sturdy footfall, stated Neo. “Without any added buyer’s stamp obligation or GST appropriate to the sale, and a minimal source of only 69 commercial shophouses in Serangoon Garden, we anticipate solid interest from the two institutional and private investors– local area and foreign alike,” he included.
A 999-year leasehold shophouse situated in the Serangoon Garden area has actually been put up for sale through an expression of interest (EOI) exercise.
The EOI are going to close at 3pm on Oct 16.
The deal represents the highest possible sum paid for a single shophouse in Serangoon Garden estate, based upon lodged warnings. It defeated the previous high of $14.85 million set in December 2020 with the sale of an additional 999-year leasehold shophouse on Serangoon Garden Way.
The shophouse becomes part of a set of industrial properties in the Serangoon Garden spot, comprising shophouses on Serangoon Garden Way, Maju Avenue and Kensington Park Road, along with retail mall myVillage. The collection is also close to Chomp Food Centre and Serangoon Garden Market.
The two-storey industrial real estate has an overview cost of $10.8 million. This translates to $4,154 psf on its complete built-up area of about 2,600 sq ft, which includes the five-foot way.
The ground floor of the shophouse is rented to an F&B establishment, whilst a physical fitness studio leases the upper flooring. Entirely, the shophouse generates about $20,000 each month in rent, according to Neo Beng Lee of PropNex Shophouse Elites, a unit under PropNex Realty.
Nonetheless, the location’s largest shophouse transaction by outright amount was the sale of two adjacent shophouses on Serangoon Garden Way for $17.49 million in May 2023. The 999-year leasehold properties occupy a complete land area of 3,101 sq ft.
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, which is fully leased to Japanese restaurant Sushi Tei, brought $15 million.
