A 999-year leasehold shophouse at 28/28A Maju Avenue in Serangoon Garden has been put up for sale at $10.8 million in an expression of interest (EOI) exercise. The property is marketed by PropNex Shophouse Elites, under PropNex Realty.
The two-storey commercial shophouse is at the junction of Maju Avenue and Portchester Avenue in District 19, and it sits on a 1,897 sq ft plot. The corner property offers a total built-up area of about 3,500 sq ft, which includes the five-footway and an open terrace.
Based on the asking price, this translates to approximately $3,086 psf on the built-up area. In addition, the property will be sold with vacant possession.
Read also: Commercial conservation shophouse along Syed Alwi Road up for sale at $9.5 mil
The shophouse is located within an established F&B and retail cluster, surrounded by a low-rise landed estate. The property is close to Chomp Chomp Food Centre and Serangoon Gardens Market, as well as Serangoon Gardens Country Club and the International French School.
The commercial shophouse at 28 Maju Ave as seen on EdgeProp's Landlens. (Map: EdgeProp Singapore)
According to the marketing agent Neo Beng Lee, director at PropNex Realty, the shophouse enjoys a prominent position at the road junction and its location within the landed estate translates to strong footfall throughout the day.
He adds that the ground floor could be repositioned and leased to an F&B takeaway establishment, a bar, a cloud kitchen, a childcare centre, or medical or veterinary clinics, subject to approvals. Meanwhile, the top floor could accommodate commercial schools or an enrichment centre.
“With no additional buyer’s stamp duty (ABSD), no GST (on the sale), and a limited supply of only 69 commercial shophouses in Serangoon Garden, we expect strong interest from both institutional and private investors — local and foreign alike,” says Neo.
The EOI closes on Oct 1.