Five adjoining 3-storey conservation shophouses from 236 to 244 Geylang Road have been put up for sale via Expression of Interest at an indicative price of $28.8 million or $1,350 psf on total built-up area of 21,349 sq ft. The shophouses sit on freehold land approximately 7,411 sq ft in size.
Located within Geylang Conservation Area, the site is zoned for “Commercial” usage under the 2014 Master Plan. The property is currently multi-tenanted with an eating house, a Chinese restaurant and a provision shop on the ground floor, and office and association on the upper floors.
“With the announcement of the rezoning of area bounded by Geylang Road, Lorong 22 Geylang, Guillemard Road and Lorong 4 Geylang, we have started to see an increase in interest and buying momentum for shophouses in the Geylang area, with 11 transactions this year to date in comparison to seven in 2014,” says Clemence Lee, JLL Capital Markets Manager. “This offering provides an opportunity for both investors and owner-occupiers to acquire a freehold commercial asset located in an area slated for commercial transformation.”
The expression of interest exercise will close on November 4, 2015 at 3pm. JLL is the exclusive marketing agent.
The subject property