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Two freehold adjoining shophouses located at 4 and 6 Lorong 24 Geylang have been put up for sale by expression of interest (EOI), marketing agent CBRE said Tuesday (2 June).
Offering a combined site of approximately 2,900 sq ft, the conservation shophouses with a gross plot ratio of 2.8 are currently zoned for Residential/Institution usage. The property is offered on a vacant possession basis.
According to CBRE, the allowance for an 8-storey extension permits buyers to explore extensive opportunities to carry out alterations and development works to the adjoining shophouses with the extra flexibility and creativity to configure the space to suit their own requirements.
“4 and 6 Lorong 24 Geylang will attract investors who are looking for quality assets for owner-occupation with potential rental and capital appreciation. The recent rezoning in the Geylang area is also expected to boost land values in the vicinity as residential developers will want to tap on future opportunities within Geylang and the nearby rejuvenated area,” it added.
Responding to an enquiry by CommercialGuru, CBRE said the shophouses are priced at S$3.3 million each.
The EOI exercise will close on 7th July.
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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