Three shophouses on Geylang Road on the market for $23 mil
/ EdgeProp Singapore |
Three adjoining conservation shophouses at 489, 491 and 493 Geylang Road are up for sale through an expression of interest exercise (Picture: CBRE).
SINGAPORE (EDGEPROP) - Three adjoining conservation shophouses at 489, 491 and 493 Geylang Road are up for sale through an expression of interest exercise with a guide price of $23 million. The shophouses are to be sold collectively, with the price working out to $3,113 psf on the total floor area, says marketing agent CBRE.
The properties are two-storey shophouses located at the corner of Geylang Road and Lorong 27 Geylang. They have a dual frontage of 44m that extends both roads. The shophouses occupy a combined land area of 3,830 sq ft, which is zoned for commercial use and has a gross plot ratio of 3.0. (Find Singapore commercial properties with our commercial directory)
The shophouses have a total floor area of about 7,388 sq ft. The units are currently fully tenanted – the ground floor is occupied by an eating house, while the upper floors are leased out to the operator of a karaoke lounge.
The properties are located within the Geylang Conservation Area. According to CBRE, the incoming owner can consider constructing a five-storey rear extension to maximise the total floor area, subject to approval from the relevant authorities. The extension could add another 4,100 sq ft to the properties’ floor area.
Recent transactions of commercial properties on Geylang Road (note: area and psf-prices are based on land area) (Source: EdgeProp Research)
“With the shophouses’ premium characteristics such as its corner land plot, city fringe location, main street frontage, highly sought-after approvals and underutilized plot ratio, we are confident that it will draw strong interest from a wide pool of buyers that include corporate investors, owner-occupiers, small to mid-sized developers and high-net-worth-individuals,” comments Clemence Lee, executive director of capital markets, Singapore at CBRE.
The shophouses are a six-minute walk to Aljunied MRT Station.
The expression of interest exercise for the shophouses will close on April 19 at 3pm.
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