Shophouse with 999-year leasehold tenure in Serangoon Garden up for sale at $10.8 mil
The property, based in the established Serangoon Garden landed estate, enjoys strong footfall, said Neo. “Without added buyer’s stamp responsibility or GST related to the sale, and a limited amount of only 69 commercial shophouses in Serangoon Garden, we anticipate solid interest from the two institutional and private investors– local area and international as well,” 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.
Union Square Residences condominium
The latest shophouse transaction in the location 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, that is completely rented to Japanese restaurant Sushi Tei, brought $15 million.
The transaction presents the greatest sum paid for a single shophouse in Serangoon Garden estate, based on lodged warnings. It defeated the past high of $14.85 million set in December 2020 with the sale of an additional 999-year leasehold shophouse on Serangoon Garden Way.
The ground floor of the shophouse is leased to an F&B establishment, while a physical fitness studio leases the upper floor. Entirely, the shophouse generates around $20,000 per month in rent, according to Neo Beng Lee of PropNex Shophouse Elites, a unit under PropNex Realty.
The EOI will close at 3pm on Oct 16.
The two-storey commercial real estate has a guide price of $10.8 million. This translates to $4,154 psf on its overall built-up area of around 2,600 sq ft, which includes the five-foot way.
The shophouse becomes part of a collection of industrial real estates in the Serangoon Garden spot, making up shophouses on Serangoon Garden Way, Maju Avenue and Kensington Park Road, together with retail shopping mall myVillage. The collection is likewise close to Chomp Food Centre and Serangoon Garden Market.
Nevertheless, the area’s most significant shophouse transaction by absolute sum was the sale of two adjoining shophouses on Serangoon Garden Way for $17.49 million in May 2023. The 999-year leasehold residential properties occupy an overall acreage of 3,101 sq ft.
