Shophouse with 999-year leasehold tenure in Serangoon Garden up for sale at $10.8 mil
The real estate, based in the developed Serangoon Garden landed estate, enjoys strong footfall, said Neo. “With no extra buyer’s stamp obligation or GST applicable to the sale, and a restricted source of only 69 commercial shophouses in Serangoon Garden, we assume strong interest from the two institutional and private financiers– local area and foreign alike,” he added.
The shophouse becomes part of a cluster of industrial real estates in the Serangoon Garden place, comprising shophouses on Serangoon Garden Way, Maju Avenue and Kensington Park Road, together with retail shopping center myVillage. The collection is also close to Chomp Food Centre and Serangoon Garden Market.
Promenade Peak Allgreen Properties
The most up to date shophouse deal in the area 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 leased to Japanese restaurant Sushi Tei, brought $15 million.
The ground floor of the shophouse is rented to an F&B building, while a physical fitness studio rents the upper flooring. Altogether, the shophouse creates around $20,000 per month in rent, according to Neo Beng Lee of PropNex Shophouse Elites, a unit under PropNex Real estate.
The EOI will close at 3pm on Oct 16.
The purchase presents the greatest 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 another 999-year leasehold shophouse on Serangoon Garden Way.
The two-storey industrial real estate has a guide price of $10.8 million. This translates to $4,154 psf on its complete built-up area of around 2,600 sq ft, which includes the five-foot way.
Nonetheless, the area’s biggest shophouse transaction by outright amount was the sale of 2 adjoining 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.
A 999-year leasehold shophouse found in the Serangoon Garden area has actually been put up for sale through an expression of passion (EOI) exercise.
