Serangoon Gardens shophouse up for sale at $25m

The 999-year leasehold corner shophouse occupies a land area of 2,122 sq ft and total built-up area of 3,482 sq ft. It is approved for permanent restaurant use on the first floor and shop use for the second floor.
The 999-year leasehold corner shophouse occupies a land area of 2,122 sq ft and total built-up area of 3,482 sq ft. It is approved for permanent restaurant use on the first floor and shop use for the second floor.PHOTO: JLL

A 999-year leasehold corner shophouse in Serangoon Gardens is up for sale with an indicative guide price of $25 million.

The two-storey non-conservation shophouse, located at 56 Serangoon Garden Way, occupies a land area of 2,122 sq ft and total built-up area of 3,482 sq ft.

According to marketing agent JLL, which is currently inviting offers through an expression of interest exercise, the shophouse benefits from a wide dual frontage and high footfall.

Approved for permanent restaurant use on the first floor and shop use for the second floor, the property is currently fully tenanted.

The first floor is leased to an Indian restaurant, while the second floor is leased to a beauty salon.

The potential alternative uses for the property include retail, education, entertainment and medical, subject to approval from the authorities.

JLL senior director of capital markets Clemence Lee said the shophouse presents an "exceptional opportunity" to acquire an asset in the Serangoon Gardens residential enclave.

"All keen-eyed investors will recognise 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 added.

He noted that opportunities to acquire corner freehold assets in prime affluent residential estates are extremely rare as these 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 $12.5 million ($4,962 per sq ft on gross floor area) in April this year, and 22/22A Lorong Mambong, which transacted at $16.2 million ($4,830 psf on gross floor area) in September last year.

As the shophouse sits on land zoned for commercial use, JLL said foreigners are eligible to purchase the property.

There is no additional buyer's stamp duty or seller's stamp duty imposed on the purchase.

The expression of interest closes on Dec 11 at 3pm.

A version of this article appeared in the print edition of The Straits Times on November 10, 2018, with the headline 'Serangoon Gardens shophouse up for sale at $25m'. Print Edition | Subscribe