Two-storey 999-year leasehold shophouse at Serangoon Gardens up for sale at $9.68 mil

June 27, 2022

A two-storey shophouse at Serangoon Gardens has been put up for sale with tenancy at a guide price of $9.68 million ($3,997 psf). JKL Consultants is the appointed exclusive marketing agent for the property.

According to JKL Consultants, the shophouse was built in 1960 and has a tenure of 999 years starting from 1957. The site is zoned for purely commercial-use under the 2019 URA master plan and spans 1,503 sq ft in site area and 2,422 sq ft built-up area.

Located within the Serangoon Gardens private residential enclave in District 19, the area is popular with expatriates due to the presence of international schools such as Stamford American International School, the Australian International School and Lycee Francais De Singapour. The upcoming Tavistock MRT Station (on the Cross Island line), scheduled to be completed in 2030, will be an 11-minute walk away.

Popular eateries in the area include Chomp Chomp Food Centre, Chong Qing Grilled Fish, Tiong Bahru Bakery and Toastbox. The Serangoon Gardens Country Club is also a short drive away.

The space is currently leased to a medical clinic and a baking studio and will expire in 2025. As it is not gazetted for conservation, the site allows for greater flexibility in terms of design and renovation works in the future, says associate director at JKL Consultants Micah Lim, adding: “Commercial shophouses with a tenure of 999-year in an affluent and established enclave priced at below the $10 million mark are rare in today’s market,” says Lim." Foreigners are eligible to purchase the property.