Six adjoining two-storey commercial shophouses in Geylang for sale

By Hailey Yu
/ EdgeProp Singapore |
October 6, 2022 7:11 PM SGT
Six adjoining shophouses for sale at Geylang (Credit: Savills)
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EDGEPROP (SINGAPORE) - Six adjoining freehold two-storey shophouses in Geylang have been put up for sale via expression of interest (EOI). Savills is the exclusive marketing agent for the property sale.
Read also: Freehold shophouse in Geylang on the market for $18 mil
The shophouses are located on the odd numbers of 311 to 321 Geylang Road, and have prominent dual road frontage along Geylang Road and Lorong 17 Geylang.
The six individual land-plots have a total land area of 9,792 sq ft and a built-up area of 17,014 sq ft. There is an attic level on some of the units.
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The site is zoned for commercial use and has a plot ratio of 3.0 with a five-storey rear extension permitted. Buyers could tap into the underutilised potential by adding up to 12,362 sq ft of built-up space, according to Galven Tan, deputy managing director of investment sales and capital markets at Savills.
A neighbouring unit at 323 Geylang Road measuring 1,988 sq ft in land area changed hands in September last year for $10.1 million, or $5,080 psf, according to SISV Realink. Based on the psf land price, the value of the six adjoining units on the market is estimated at $50 million.
The shophouses are directly across from Lorong 4 Geylang to Lorong 20 Geylang, which was recently re-zoned to commercial or institutional use. (Find Singapore commercial properties with our commercial directory)
The area is near the Paya Lebar sub-regional centre and the CBD, both a short drive away via the Pan Island Expressway, Kallang-Paya Lebar Expressway and Nicoll Highway. The nearest MRT Station, Aljunied (on the East-West Line), is a seven-minute walk away.
“The shophouses are poised to benefit from the growth of activities and footfall from the ongoing rejuvenation at Paya Lebar Sub-Regional Centre and Kallang Riverside / Kampong Bugis,” notes Tan.
Foreigners and companies are eligible for purchase with no additional buyer’s stamp duty or seller’s stamp duty imposed.
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The EOI exercise will close on Nov 9 at 3pm.
Check out the latest listings near Geylang, Aljunied MRT Station
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