Shophouse with 999-year leasehold tenure in Serangoon Garden up for sale at $10.8 mil
The most recent shophouse purchase in the area was the purchase 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, fetched $15 million.
The shophouse belongs to a set 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.
However, the location’s biggest shophouse transaction by absolute total was the revenue of 2 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.
The EOI will close at 3pm on Oct 16.
The property, located in the established Serangoon Garden landed estate, appreciates sturdy footfall, said Neo. “With no extra buyer’s stamp obligation or GST related to the sale, and a restricted source of only 69 business shophouses in Serangoon Garden, we assume solid interest from the two institutional and private investors– local area and international alike,” he added.
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.
The ground floor of the shophouse is leased to an F&B building, while a fitness studio leases the upper floor. Altogether, the shophouse creates around $20,000 monthly in rent, according to Neo Beng Lee of PropNex Shophouse Elites, a unit under PropNex Realty.
The deal represents the greatest sum paid for a single shophouse in Serangoon Garden estate, based on lodged warnings. It defeated the previous high of $14.85 million set in December 2020 with the sale of one more 999-year leasehold shophouse on Serangoon Garden Way.
The two-storey business property has a guide rate of $10.8 million. This converts to $4,154 psf on its complete built-up area of about 2,600 sq ft, that includes the five-foot way.
