Shophouse with 999-year leasehold tenure in Serangoon Garden up for sale at $10.8 mil
Limited supply of 69 commercial shophouses, strong footfall and the absence of ABSD and GST may support investor interest in this property.
A 999-year leasehold Serangoon Garden shophouse is offered at $10.8 million, or $4,154 psf, generating around $20,000 in monthly rent.
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A 999-year leasehold shophouse located in the Serangoon Garden area has been put up for sale through an expression of interest (EOI) exercise.
The two-storey commercial property has a guide price 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.
The ground floor of the shophouse is leased to an F&B establishment, while a fitness studio rents the upper floor. Altogether, the shophouse generates around $20,000 per month in rent, according to Neo Beng Lee of PropNex Shophouse Elites, a unit under PropNex Realty.
Read also: North Canal Road shophouse, Handy Road strata commercial unit for sale at $16.8 mil and $6 mil
The property, located in the established Serangoon Garden landed estate, enjoys strong footfall, said Neo. “With no additional buyer’s stamp duty or GST applicable to the sale, and a limited supply of only 69 commercial shophouses in Serangoon Garden, we expect strong interest from both institutional and private investors — local and foreign alike,” he added.
The shophouse is part of a cluster of commercial properties in the Serangoon Garden area, comprising shophouses on Serangoon Garden Way, Maju Avenue and Kensington Park Road, along with retail mall myVillage. The cluster is also close to Chomp Chomp Food Centre and Serangoon Garden Market.
The latest shophouse transaction in the area was the sale 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 transaction represents the highest sum paid for a single shophouse in Serangoon Garden estate, based on lodged caveats. It beat the previous high of $14.85 million set in December 2020 with the sale of another 999-year leasehold shophouse on Serangoon Garden Way.
However, the area’s biggest shophouse transaction by absolute sum was the sale of two adjoining shophouses on Serangoon Garden Way for $17.49 million in May 2023. The 999-year leasehold properties occupy a total land area of 3,101 sq ft.
The EOI will close at 3pm on Oct 16.
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