Prominent corner 999-year leasehold shophouse in Serangoon Garden for sale
Guide price of $25 million
Singapore – JLL, as the exclusive marketing agent, is inviting offers through an Expression of Interest (EOI) exercise for the purchase of 56 Serangoon Garden Way, a 999-year leasehold corner non-conservation shophouse nestled in the heart of the quaint and trendy Serangoon Garden.
Occupying a prominent corner location with a land area of 2,122 sf and total built-up area of approximately 3,482 sf, the two-storey shophouse fronts a busy junction, benefiting from a wide dual frontage and high footfall. Located directly beside a large carpark, the property provides patrons with added convenience and accessibility.
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 a popular Indian restaurant whilst the upper floor is leased to a beauty salon. Zoned for “Commercial” use under the 2014 Master Plan, potential alternative uses for the property include retail, education, entertainment and medical amongst others, subject to approval from relevant authorities.
Known for its iconic laid-back character, Serangoon Garden is a vibrant F&B and lifestyle destination offering a plethora of lively restaurants, bars, cafes and local hawker joints. Famous for being home to the popular Chomp Chomp Food Centre and Serangoon Garden Market, the area constantly bustles with activities especially at night and on weekends.
Nestled in an exclusive residential enclave, the charming Serangoon Garden not only is a popular place of hangout to the surrounding population, but also offers a one-stop location for key amenities. Acting as the heart of the neighborhood, F&B, retail and convenience businesses flourish in the vicinity, being mainly supported by the large residential catchment in the area and the Serangoon town.
Identified by the Urban Redevelopment Authority (URA) as an identity node, Serangoon Garden will be well-preserved to safeguard and enhance its current charm and identity.
Mr Clemence Lee, Senior Director, Capital Markets, JLL said: “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 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.”
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 $12.5 million ($4,962 psf on GFA) in April 2018 and 22/22A Lorong Mambong which transacted at $16.2 million ($4,830 psf on GFA) in September 2017.
The indicative guide price for the subject property is in the region of $25 million.
As the property sits on land zoned for commercial use, foreigners are eligible to purchase the property. There is no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) imposed on the purchase of the property.
The sale will be conducted through an Expression of Interest exercise which closes on Tuesday, 11 December 2018 at 3pm.
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Note to editors:
1. For a high-resolution photograph of the property, please click here.
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