Freehold shophouse in Geylang on the market for $18 mil

/ EdgeProp Singapore |
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SINGAPORE (EDGEPROP) - A freehold shophouse at 6 Lorong 19 Geylang has been put up for sale via expression of interest with a $18 million asking price. The property is marketed by Mount Everest Properties.
The building sits on a 5,583 sq ft site and has a floor area of about 12,000 sq ft. Thus, the asking price translates to a land rate of $3,224 psf, or about $1,500 psf on the floor area.
The site is zoned for residential use or institutional use with a gross plot ratio of 2.8, and an allowable height of up to eight storeys, based on the latest Master Plan. According to the marketing agent, the shophouse is currently fully tenanted.
The shophouse is close to Kallang and Aljunied MRT Stations on the East-West Line. Nearby shopping centres include Paya Lebar Quarter, Paya Lebar Square, and SingPost Centre.
Based on EdgeProp’s Landlens analytics tool, there have been two recent en bloc transactions in the vicinity. They involved Advance Apartments on Lorong 25 Geylang, which transacted for $26.5 million ($1,270 psf) in December 2020, and Yuen Sing Mansion on Lorong 13 Geylang, which was sold for $15.2 million ($1,580 psf) in August 2020. (See potential condos with en bloc calculator)
The most recent launch in the area was the 110-unit Rezi 24 on Lorong 24 Geylang, which was launched for sale in March 2019.

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