SINGAPORE (EDGEPROP) - Three freehold, adjoining two-storey conservation shophouses in Geylang are up for sale at a guide price of $12 million, according to CBRE, which is marketing the property.
After factoring in an estimated development charge of $3.2 million, the price tag works out to be $1,172 psf per plot ratio (psf ppr).
The three shophouses at 223, 225 and 227 Geylang Road - to be sold collectively - occupy a combined site of 4,318 sq ft, and enjoy high visibility of 15m of unobstructed main road frontage along Geylang Road. They have a total built-up area of 6,754 sq ft.
The shophouses are currently fully leased to multiple tenants. Ground-floor tenants include a restaurant and two entertainment clubs, while the upper-floor units are leased to office and residential tenants.
Under URA’s 2019 Master Plan, the site is zoned for commercial use with a plot ratio of 3.0 in the Geylang Secondary Settlement Conservation Area. It is an eight-minute walk to Kallang MRT Station on the East-West Line.
There will be no additional buyer’s stamp duty or seller’s stamp duty imposed on the sale of the property.
The expression of interest exercise will close on Aug 27 at 3pm.
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