Shophouse with 999-year leasehold tenure in Serangoon Garden up for sale at $10.8 mil
A 999-year leasehold shophouse found in the Serangoon Garden area has actually been put up for sale through an expression of interest (EOI) exercise.
Nevertheless, the location’s largest shophouse transaction by outright sum 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 land area of 3,101 sq ft.
The ground floor of the shophouse is rented to an F&B establishment, whilst a physical fitness studio leases the upper floor. Altogether, the shophouse generates around $20,000 each month in rent, according to Neo Beng Lee of PropNex Shophouse Elites, a unit under PropNex Realty.
The transaction stands for the highest possible sum paid for a single shophouse in Serangoon Garden estate, based on lodged warnings. It defeated the prior high of $14.85 million set in December 2020 with the sale of another 999-year leasehold shophouse on Serangoon Garden Way.
Amberwood at Holland Sim Liam Group
The property, located in the established Serangoon Garden landed estate, appreciates solid footfall, stated Neo. “Without added buyer’s stamp duty or GST applicable to the sale, and a limited supply of only 69 business shophouses in Serangoon Garden, we assume strong interest from both institutional and private financiers– local area and international as well,” he included.
The two-storey business real estate has a guide rate of $10.8 million. This equates to $4,154 psf on its complete built-up area of about 2,600 sq ft, that includes the five-foot way.
The shophouse belongs to a set of industrial real estates in the Serangoon Garden place, comprising shophouses on Serangoon Garden Way, Maju Avenue and Kensington Park Road, along with retail shopping mall myVillage. The collection is additionally near to Chomp Food Centre and Serangoon Garden Market.
The most up to date shophouse transaction in the area 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, which is fully leased to Japanese restaurant Sushi Tei, fetched $15 million.
The EOI are going to shut at 3pm on Oct 16.
