A 999-year lease and main road frontage. It is no wonder a corner non-conservation unit in Serangoon Gardens is going for $25 million.
Recent activity in the shophouse segment has been heating up, bolstering confidence and building interest from buyers.
Serangoon Gardens corner unit shophouse going for $25 million
The 2-storey shophouse on 56 Serangoon Garden Way sits on a land site that measures 2,122 sq ft and has a gross floor area of 3,482 sq ft. It boasts a wide dual frontage and has been approved for permanent restaurant-use on the first floor.
An Indian restaurant currently occupies the first floor and a beauty salon, the second floor. The area also has high footfall which could mean consistent tenancy.
The shophouse market has been doing well and increasingly so as the residential segment experiences slight setbacks following the latest round of cooling measures.
The unit sits on land that is zoned for commercial use and even foreigners are eligible to purchase the property.
It shows promise in offering varied tenancy possibilities such as retail, education, entertainment and even medical. These uses are however subject to approval from the authorities.
Freehold corner units hard to come by
Corner units are rarely made available in the narrow shophouse segment, more so freehold ones in a popular enclave such as Serangoon Gardens.
The area is well-served by public transport and its food options are popular with both the residents of the township and those who come from afar to feast on the myriad of dining offerings.
The famous chomp chomp food centre is nearby and it is just a short drive away from the Central Expressway (CTE).
This corner shophouse unit has the location, a corner plot frontage and stable rental income working for it. Analysts are expecting keen interest from investors, family businesses and funds as well as owner-occupiers.