Freehold clan association building for sale at $36 mil

By Valerie Kor / EdgeProp Singapore | September 15, 2020 12:25 PM SGT
26 Lorong 27A Geylang - EDGEPROP SINGAPORE
The eight storey building currently houses Nanyang Pho Leng Hui Kuan (Photo: Cushman & Wakefield)
SINGAPORE (EDGEPROP) - A freehold institutional building at 26 Lorong 27A Geylang has just been put up for sale via an Expression of Interest (EOI) at an indicative price of $36 million. It is exclusively marketed by Cushman & Wakefield.
The eight-storey building with attic is on 9,360 sq ft of freehold land. It is currently occupied by Nanyang Pho Leng Hui Kuan, a Chinese clan association that was founded in 1940. The property currently has an office, meeting room, function hall with a stage, kitchen and memorial hall. The overall gross floor area is around 26,205 sq ft.
The building is a five-minute walk to Aljunied MRT Station and a 10-minute drive to the Central Business District.
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Under the 2019 Master Plan, the site is zoned ‘Residential/Institution’ with a gross plot ratio of 2.8. Cushman & Wakefield says that the building is poised to benefit from ongoing rejuvenation in the Geylang precinct, where Urban Redevelopment Authority has been carrying out extensive rezoning of areas from “Residential/Institutional” to “Commercial/Institution”.
The sale is on a vacant possession basis with partial or full leaseback agreement. The EOI exercise closes on Oct 20, at 3pm.
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