Shophouse with 999-year leasehold tenure in Serangoon Garden up for sale at $10.8 mil
The shophouse belongs to a collection of industrial properties in the Serangoon Garden place, comprising shophouses on Serangoon Garden Way, Maju Avenue and Kensington Park Road, in addition to retail shopping center myVillage. The collection is additionally close to Chomp Food Centre and Serangoon Garden Market.
The ground floor of the shophouse is contracted to an F&B building, whilst a physical fitness studio rents out 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 Real estate.
A 999-year leasehold shophouse situated in the Serangoon Garden area has been put up for sale via an expression of interest (EOI) exercise.
Nevertheless, the location’s biggest shophouse transaction by absolute total 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 complete acreage of 3,101 sq ft.
The two-storey commercial property has a guide cost of $10.8 million. This converts to $4,154 psf on its total built-up area of about 2,600 sq ft, which includes the five-foot way.
The deal presents the highest sum paid for a single shophouse in Serangoon Garden estate, based upon lodged cautions. It defeated the prior high of $14.85 million arised December 2020 with the sale of one more 999-year leasehold shophouse on Serangoon Garden Way.
The Arcady @ Boon Keng floor plan
The property, located in the existing Serangoon Garden landed estate, enjoys sturdy footfall, claimed Neo. “With no added buyer’s stamp responsibility or GST related to the sale, and a restricted amount of only 69 business shophouses in Serangoon Garden, we expect strong interest from both institutional and private capitalists– local and international alike,” he added.
The EOI will close at 3pm on Oct 16.
The most recent shophouse transaction 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, that is completely leased to Japanese restaurant Sushi Tei, fetched $15 million.
