Shophouse with 999-year leasehold tenure in Serangoon Garden up for sale at $10.8 mil
The ground floor of the shophouse is rented to an F&B building, whilst a physical fitness studio rents out the upper flooring. Entirely, the shophouse creates about $20,000 monthly in rent, according to Neo Beng Lee of PropNex Shophouse Elites, a unit under PropNex Realty.
The two-storey industrial property has a guide cost 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.
A 999-year leasehold shophouse found in the Serangoon Garden area has been put up for sale with an expression of rate of interest (EOI) exercise.
The real estate, based in the existing Serangoon Garden landed estate, enjoys sturdy footfall, stated Neo. “Without any additional buyer’s stamp responsibility or GST appropriate to the sale, and a limited supply of just 69 commercial shophouses in Serangoon Garden, we anticipate strong interest from both institutional and private investors– local and foreign alike,” he included.
The shophouse is part of a cluster of industrial real estates in the Serangoon Garden spot, consisting of shophouses on Serangoon Garden Way, Maju Avenue and Kensington Park Road, together with retail mall myVillage. The collection is likewise near to Chomp Food Centre and Serangoon Garden Market.
The EOI are going to close at 3pm on Oct 16.
Nonetheless, the area’s greatest shophouse transaction by absolute amount was the revenue of 2 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 purchase represents the greatest sum paid for a single shophouse in Serangoon Garden estate, based upon lodged caveats. It surpassed the previous high of $14.85 million arised December 2020 with the sale of one more 999-year leasehold shophouse on Serangoon Garden Way.
The current shophouse deal in the location 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 totally rented to Japanese restaurant Sushi Tei, fetched $15 million.
