Shophouse with 999-year leasehold tenure in Serangoon Garden up for sale at $10.8 mil
The purchase represents the highest possible sum paid for a single shophouse in Serangoon Garden estate, based on lodged caveats. It beat the prior high of $14.85 million arised December 2020 with the sale of an additional 999-year leasehold shophouse on Serangoon Garden Way.
The ground floor of the shophouse is contracted to an F&B building, while a physical fitness studio rents the upper flooring. Completely, the shophouse creates about $20,000 each month in rent, according to Neo Beng Lee of PropNex Shophouse Elites, a unit under PropNex Realty.
The shophouse becomes part of a cluster of commercial properties in the Serangoon Garden spot, consisting of shophouses on Serangoon Garden Way, Maju Avenue and Kensington Park Road, along with retail shopping center myVillage. The cluster is additionally close to Chomp Food Centre and Serangoon Garden Market.
A 999-year leasehold shophouse situated in the Serangoon Garden area has actually been offered via an expression of passion (EOI) exercise.
The EOI are going to shut at 3pm on Oct 16.
The property, situated in the developed Serangoon Garden landed estate, appreciates sturdy footfall, claimed Neo. “Without added buyer’s stamp obligation or GST applicable to the sale, and a minimal amount of just 69 commercial shophouses in Serangoon Garden, we assume solid interest from the two institutional and private capitalists– local area and foreign as well,” he added.
The two-storey commercial property has a guide cost of $10.8 million. This translates to $4,154 psf on its total built-up area of around 2,600 sq ft, which includes the five-foot way.
Canberra Crescent Residences condo
However, the area’s greatest shophouse transaction by absolute sum was the revenue of two 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 current 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 totally rented to Japanese restaurant Sushi Tei, brought $15 million.
