Shophouse with 999-year leasehold tenure in Serangoon Garden up for sale at $10.8 mil
The real estate, located in the developed Serangoon Garden landed estate, appreciates strong footfall, claimed Neo. “With no additional buyer’s stamp responsibility or GST related to the sale, and a restricted source of only 69 commercial shophouses in Serangoon Garden, we assume solid interest from the two institutional and private capitalists– local and foreign as well,” he included.
The ground floor of the shophouse is leased to an F&B establishment, whilst a physical fitness studio rents out the upper flooring. Entirely, 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 current shophouse transaction 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 fully rented to Japanese restaurant Sushi Tei, fetched $15 million.
The EOI are going to close at 3pm on Oct 16.
Nevertheless, the location’s biggest shophouse transaction by outright amount was the revenue of two adjoining shophouses on Serangoon Garden Way for $17.49 million in May 2023. The 999-year leasehold properties inhabit an overall acreage of 3,101 sq ft.
The two-storey industrial real estate has an overview cost of $10.8 million. This equates to $4,154 psf on its complete built-up area of about 2,600 sq ft, which includes the five-foot way.
The transaction stands for the highest sum paid for a single shophouse in Serangoon Garden estate, based upon lodged cautions. It surpassed the prior high of $14.85 million arised December 2020 with the sale of another 999-year leasehold shophouse on Serangoon Garden Way.
A 999-year leasehold shophouse situated in the Serangoon Garden area has been offered via an expression of interest (EOI) exercise.
The shophouse belongs to a collection of industrial real estates in the Serangoon Garden spot, consisting of shophouses on Serangoon Garden Way, Maju Avenue and Kensington Park Road, in addition to retail shopping center myVillage. The collection is additionally near Chomp Food Centre and Serangoon Garden Market.
