Five freehold conservation shophouses in Geylang for sale

By
/ EdgeProp Singapore
|
October 31, 2018 10:29 PM SGT
Five adjoining freehold conservation shophouses at 236 to 244 Geylang Road are up for sale via an expression of interest (EOI) exercise at an indicative price of $28 million. This works out to about $1,312 psf based on the floor area of about 21,349 sq ft.
Located at the junction of Geylang Road and Lorong 10 Geylang, the shophouses sit on a 7,411 sq ft conservation site, which is zoned “commercial” with a plot ratio of 3.0 under the 2014 Master Plan. As such, additional buyer’s stamp duty and seller’s stamp duty are not applicable.
The property was designated for conservation on Oct 25, 1991.
According to marketing agent Colliers International, the price for the shophouses is more attractive than the $1,500 psf achieved for 733 Geylang Road transacted in May this year. The five shophouses – all comprising three storeys plus an attic – are situated within a 700-metre radius to Kallang and Aljunied MRT stations. Currently, about half of the space at the shophouses is tenanted to multiple users, including a money changer, café, hair salon, restaurant and an association.
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The EOI exercise will close on Nov 22.