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A row of five adjoining 3-storey conservation shophouses along Geylang Road has been put up for sale by expression of interest (EOI), marketing agent JLL announced Wednesday (30 September).
Located at 236 to 244 Geylang Road, the shophouses sit on a land area of approximately 7,411 sq ft, with a built-up area of approximately 21,349 sq ft and seven carpark lots. The site is zoned “Commercial” under the Secondary Settlement (Geylang) Conservation Area.
According to JLL, the property is held under a single title with naming rights to the eventual owner.
“With the site strategically situated between the Paya Lebar Sub-Regional Centre and Kallang Riverside Lifestyle Precinct and the rezoning taking place in the area, the property can expect to enjoy strong capital upside from the spillover of commercial activities from the neighbouring precinct and the gradual transformation of the area in the mid to long term,” said Clemence Lee, Manager, Capital Markets at JLL.
JLL expects strong interest from private real estate funds, family funds and high-net-worth individuals (HNWIs) who are looking to purchase the property for investment purposes.
“With the announcement of the rezoning of area bounded by Geylang Road, Lorong 22 Geylang, Guillemard Road and Lorong 4 Geylang, we have started to see an increase in interest and buying momentum for shophouses in the Geylang area, with 11 transactions this year to date in comparison to seven in 2014,” Lee added.
The property comes with an indicative price of about S$28.8 million which translates to about S$1,350 on the total built-up area. As the property sits on land zoned for commercial uses, JLL noted that foreigners are eligible to purchase the property. It also added that no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) will be imposed on the purchase.
The EOI exercise will close on Wednesday, 4 November.
(Image Source: JLL)
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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