Serangoon Gardens Commercial Shophouse At $10.5 Mil for Sale

Nestled within the affluent Serangoon Gardens landed and private residential enclave, 79 & 79A Serangoon Garden Way comprises of a two-storey non-conservation shophouse with a prominent street frontage. The shophouse sits on a 999-year tenure (akin to freehold) site of approximately 1,503 sq ft and has a floor area of approximately 2,422 sq ft with ample carparking lots located right at its doorstep and the adjacent open-air carpark. Under the Master Plan 2019, the shophouse is zoned “Commercial” with a plot ratio of 1.4. The property is 100% leased and incoming buyers can enjoy stable and immediate income stream, with the ground floor leased to a medical clinic and the upper floor leased to a popular baking studio.

Traditionally a much sought-after address in the highly desirable prime landed precinct, the property enjoys high footfall with the large population catchment and amenities in the immediate vicinity such as Serangoon Gardens Country Club, Serangoon Garden Market, the French and Australian International Schools.

The commercial property landscape in Serangoon Gardens is continually evolving, with new businesses and developments enhancing the overall vibrancy of the area. It has attracted a diverse mix of tenants and the shophouses at Serangoon Garden Way is a bustling, well-known food street home to some of the trendiest cafés such as Apollo, The Larder Café, Baker and Cook which are popular with the locals and expatriates. The dynamic nature of the neighbourhood presents opportunities for businesses to establish themselves in a growing and rejuvenated precinct.

Ms. Sophia Lim, Director, Investment Sales & Capital Markets at Savills Singapore, says, “The shophouse ownership in Serangoon Gardens is very tightly held and there are only 69 of such shophouses in the area. Given the limited supply, we believe this opportunity will appeal to owner occupiers, high-net-worth individuals or family offices for long term investment and wealth preservation.”

Ms Lim adds, “Incoming buyers can also explore the change of use of the existing premises to alternative uses such as bar/bistro, childcare centre, cloud kitchen on the ground floor and co-living on the upper floor, subject to the relevant authorities’ approval. The property is an attractive proposition for owner-occupiers and investors looking for commercial assets with strong potential for future income growth and prospective capital upside.”

“Zoned full “Commercial”, foreigners and companies are eligible to purchase the shophouses and no Additional Buyer Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) will be imposed.”

Interested parties are invited to evaluate this exceptional opportunity to acquire the extremely rare shophouse in a matured private residential district. There are only 69 shophouses in the vicinity, which are tightly held by owners. The guide price for 79, 79A Serangoon Garden Way is $10.5 million; $4,335 psf on floor area.

The sale will be conducted through an Expression of Interest exercise which closes on 23 April 2024, Tuesday at 3pm.