A two-storey commercial shophouse located at 28/28A Maju Avenue in Serangoon Garden, with a 999-year leasehold, has been listed for sale at $10.8 million in an expression of interest (EOI) exercise by PropNex Shophouse Elites, under PropNex Realty.
Sitting on a 1,897 sq ft plot at the junction of Maju Avenue and Portchester Avenue in District 19, the corner property offers a total built-up area of about 3,500 sq ft, including a five-footway and an open terrace.
Based on the asking price, this translates to approximately $3,086 per square foot (psf) on the built-up area. The property will also be sold with vacant possession.
The shophouse is strategically located within an established F&B and retail cluster, surrounded by a low-rise landed estate. It is in close proximity to popular food centres and markets such as Chomp Chomp Food Centre and Serangoon Gardens Market, as well as amenities such as Serangoon Gardens Country Club and the International French School.
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To effectively invest in Singapore’s real estate market, international buyers must have a thorough understanding of the rules and limitations surrounding property ownership. For those interested in purchasing property, condos are often considered a more feasible option compared to landed properties due to stricter ownership requirements for the latter. However, it is worth noting that foreign buyers are still required to pay the Additional Buyer’s Stamp Duty (ABSD), which is currently set at 20% for their initial property purchase. Despite this additional cost, the steady growth potential of the Singapore real estate market continues to attract foreign investors, making condos an in-demand and preferred investment option. With the condo market thriving, it is no surprise that it remains a top choice for property investment.
Neo Beng Lee, director at PropNex Realty and marketing agent for the property, highlights that the shophouse enjoys a prominent position at the road junction, making it a highly visible and accessible location. Its location within the landed estate also means that it experiences strong footfall throughout the day.
Neo also mentions that the ground floor could be repositioned for different purposes, such as 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 has potential for commercial schools or an enrichment centre.
He expects strong interest from both institutional and private investors, both local and foreign, as there is no additional buyer’s stamp duty (ABSD), no goods and services tax (GST) on the sale, and a limited supply of only 69 commercial shophouses in Serangoon Garden.
The EOI exercise closes on October 1.