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A 999-year leasehold corner shophouse (pictured) in Serangoon Garden has been put up for sale via expression of interest (EOI) with a guide price of $25 million, revealed marketing agent JLL.
With a land area of 2,122 sq ft, 56 Serangoon Garden Way has a total built-up area of about 3,482 sq ft and is approved for permanent restaurant use on the ground floor and shop use on the upper floor. The two-storey shophouse sits beside a large carpark while enjoying a wide dual frontage and high footfall.
It is currently fully-tenanted with a popular Indian restaurant occupying the ground floor and a beauty salon on the upper floor. JLL noted that the property may also be used for other uses such as retail, entertainment, medical and education amongst others, subject to the relevant authorities’ approval.
“56 Serangoon Garden Way presents an exceptional opportunity to acquire one of the most outstanding assets in the popular 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,” said Clemence Lee, capital markets senior director at JLL.
Since it is located on land zoned for commercial use, foreigners are allowed to acquire the property with no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) payable.
The EOI exercise for 56 Serangoon Garden Way closes on 11 December.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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