Corner 999-year leasehold shophouse in Serangoon Gardens for sale at S$25m

A 999-year leasehold corner shophouse in Serangoon Gardens is up for sale with an indicative guide price of S$25 million. The two-storey non-conservation shophouse, located at 56 Serangoon Garden Way, occupies a land area of 2,122 square feet and total built up area of 3,482 square feet. According to marketing agent JLL, which is currently inviting offers through an expression of interest (EOI) exercise, the shophouse benefits from a wide dual frontage and high football.

Approved for permanent “restaurant” use on the ground floor and “shop” use for the upper floor, the property is currently fully tenanted. The ground floor is leased to an Indian restaurant while the upper floor is leased to a beauty salon. Zoned for “commercial” use under the 2014 Master Plan, the potential alternative uses for the property include retail, education, entertainment and medical, subject to approval from the authorities.

JLL’s senior director of capital markets Clemence Lee said that the shophouse presents an ‘exceptional opportunity’ to acquire an asset in the Serangoon Gardens residential enclave. “All keen-eyed investors will recognize its excellent attributes, including its superior 999-year tenure, impeccable location, prominent corner plot frontage and stable rental income. We expect good interest from investors, funds, family offices as well as owner-occupiers,” he said. He noted that opportunities to acquire corner freehold assets in prime affluent residential estates are extremely rare and they are seldom made available for sale. Over the last two years, notable assets of similar attributes transacted include 8/8A Sixth Avenue which sold for S$12.5 million (S$4,962 per square foot on gross floor area) in April this year, and 22/22A Lorong Mambong which transacted at S$16.2 million (S$4,830 psf on gross floor area) in September 2017.

As the shophouse sits on land zoned for commercial use, JLL said that foreigners are eligible to purchase the property. There is no Additional’s Buyer Stamp Duty or Seller’s Stamp Duty imposed on the purchase. The expression of interest closes on Dec 11 at 3pm.

Located at 56 Serangoon Garden Way, it occupies a land area of 2,122 square feet and total built-up area of 3,482 square feet

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