Mortgagee sale: Geylang intermediate terraced house listed for $3.7 mil

The property occupies a freehold plot measuring 1,656 sq ft with an estimated floor area of 1,629 sq ft (Photo: SRI)

A single-storey intermediate terraced house at Lorong 22 Geylang was put on the block at SRI’s property auction on Dec 17. The property is a mortgagee sale, with a guide price of $3.7 million, or $2,233 psf, based on a land area of 1,657 sq ft.

The house sits on a freehold plot that is zoned “Commercial/Institution” under the URA Master Plan, with a plot ratio of 2.8. The property has an estimated floor area of 1,629 sq ft. Caveats lodged with URA show that the property last sold for $560,000 ($338 psf) in July 2009.

According to Mok Sze Sze, managing partner of SRI Auction, the property offers redevelopment opportunities, with potential uses including offices, shops, restaurants and community institution facilities, subject to approvals from relevant authorities. She expects the property to appeal to both investors and end-users.

The house is within walking distance of Aljunied MRT Station on the East-West Line. It is also near the shophouses along Geylang Road, offering a variety of eateries and shops, while other amenities such as Old Airport Road Food Centre, PLQ Mall and Kallang Wave Mall are just a short drive away.

The property is zoned “Commercial/Institution” under the URA Master Plan 2025, with a plot ratio of 2.8 (Photo: SRI)

The property is located within a cluster of developments within the Geylang area that all occupy land zoned for commercial and institutional use. Located between Geylang Road and Guillemard Road, the cluster stretches from Lorong 4 Geylang to Lorong 22 Geylang. It is home to several hotels as well as buildings belonging to cultural associations. There are also a number of freehold boutique residential developments, like the 14-unit Sunflower Regency, the 26-unit Crystal Lodge and the 63-unit Central Imperial.

Based on URA caveats, the most recent sale of a terraced house along Lorong 22 Geylang occurred in January 2020. Zoned for “Commercial/Institution” use, the freehold property transacted at $2.7 million, or $1,631 psf on its land area of 1,656 sq ft. Prior to that, it had previously changed hands for $2.33 million ($1,407 psf) in April 2018.

Within the wider area with commercial and institutional zoning, the most recent property to change hands is a terraced house on Lorong 14 Geylang. The freehold property with a land area of 1,628 sq ft sold for $3.6 million ($2,212 psf), on Mar 3. Before that, another terraced house, also on Lorong 14 Geylang, fetched $3.6 million, or $2,154 psf on its land area of 1,672 sq ft.

Other properties in the vicinity have also been put up for sale in recent months. In May, a three-storey walk-up apartment at Lorong 4 Geylang, along with a two-storey building at Lorong 12 Geylang, were put up for sale with a combined price of $14.3 million. The properties occupy land areas of 2,046 sq ft and 3,659 sq ft, respectively.