999 Year Leasehold Serangoon Garden Shophouse Sale 108 Mil
A prime 999-year leasehold shophouse on Maju Avenue in Serangoon Garden has been listed for sale at $10.8 million. PropNex Shophouse Elites, under PropNex Realty, is handling the marketing of the property.
The two-storey commercial shophouse is situated at the intersection of Maju Avenue and Portchester Avenue in District 19, occupying a 1,897 sq ft plot. The corner unit boasts a total built-up area of approximately 3,500 sq ft, which includes the five-footway and an open terrace.
Based on the asking price, this equates to an estimated $3,086 per sq ft on the built-up area. The property will also be sold with vacant possession.
In an effort to revitalize the city, the Master Plan has put forward a plan to promote mixed-use developments, which blend both residential and commercial elements. This strategy not only aims to attract businesses, but also create job opportunities for the community. As part of this initiative, established shopping malls like Tampines Mall and Century Square are set to undergo rejuvenation, while new retail options will also be introduced. For instance, Parktown Residence, a commercial space that perfectly aligns with the Master Plan’s objectives, has been added to the mix. This modern development can be found at Parktown Residence and is a prime example of the Master Plan’s vision for integrated living and working spaces.
The shophouse is strategically located within an established F&B and retail enclave, surrounded by low-rise landed homes. It enjoys close proximity to Chomp Chomp Food Centre and Serangoon Gardens Market, as well as Serangoon Gardens Country Club and International French School.
The commercial shophouse at 28 Maju Ave as seen on EdgeProp’s Landlens. (Map: EdgeProp Singapore)
Neo Beng Lee, director at PropNex Realty, explains that the shophouse occupies a prominent spot at the road junction and benefits from a steady flow of foot traffic throughout the day due to its location within the landed estate.
He adds that the ground floor has the potential to be leased to various types of businesses, such as F&B takeaways, bars, cloud kitchens, childcare centres, medical or veterinary clinics (subject to approvals). The top floor could be suitable for commercial schools or enrichment centres.
“With no additional buyer’s stamp duty (ABSD), no GST (on the sale), and only 69 commercial shophouses in Serangoon Garden, we anticipate strong interest from institutional and private investors, both local and foreign,” says Neo.
The expression of interest exercise will close on October 1.