The properties are located along Geylang Road in District 14. The existing buildings comprise two-storey shophouses that sit on a combined land area of 10,520 sq ft. (Picture: PropNex Realty)
SINGAPORE (EDGEPROP) - A row of seven shophouses at 284 to 296 Geylang Road are up for sale with a reserve price of $50 million. The properties are being offered for sale in an expression of interest (EOI) exercise that closes on June 18.
See also: Feb 2022 BTO exercise sees strong demand for flats in Geylang and Kallang/Whampoa PLH
The sole marketing agents for these properties are PropNex Realty agents Richard Tan, senior associate group district director, and Gracelynn Zhu, associate division director.
The properties are located along Geylang Road in District 14. According to the latest master plan, all the properties are zoned under “commercial” with a gross plot ratio of 3.0 and comprise two-storey shophouses that sit on a combined land area of 10,520 sq ft.
Based on the reserve price, the properties could fetch a land rate of $4,752 psf, or $2,767 psf based on the existing built-up floor area of 18,072 sq ft. The properties have also received provisional planning permission to add attic spaces that could bring their total gross floor area to 23,565 sq ft.
EdgeProp's Landlens research tool compiles useful property data such as enblocs, resale transactions, and price trends. (Picture: EdgeProp Singapore)
Commercial offerings in the surrounding area include hardware, sanitaryware, and interior design firms, as well as gyms, and co-working and co-living spaces. “Thus, this sales opportunity presents a low-risk, safe, and attractive redevelopment opportunity for the next owner with the potential to have steady rental income,” says Tan. (Find Singapore commercial properties with our commercial directory)
Given its commercial zoning, the properties will not incur any additional buyer’s stamp duty or seller’s stamp duty, and can be purchased by locals and foreigners.
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