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A two-storey conservation shophouses at Geylang Road has been put up for trustee’s sale through an auction, marketing agent DTZ said Wednesday (9 March).
Located at 617/617A Geylang Road, between Geylang Lorong 31 and 33, the freehold property has a total land area of approximately 1,542 sq ft, and a gross floor area of approximately 2,562 sq ft. Zoned for full commercial use under the 2014 Master Plan and has a plot ratio of 3.0, DTZ said the shophouse may be enhanced to fully utilise the plot ratio.
The property is located within the Geylang Conservation Area and is surrounded by other conservation shophouses, mixed-landed housings, private apartments, serviced apartments, hotels and hostels.
According to DTZ, recent transactions of freehold shophouses in the vicinity range from $1,475 psf to around $2,400 per sq ft. “As conservation shophouses with such attributes are rarely available on the market, investors would be attracted to its scarcity and historical value. On top of that, there is an opportunity for capital appreciation and higher rental yields once the original property has gone through addition and alteration works,” said Joy Tan, head of auction at DTZ.
The indicative price for the property is around $3 million and the auction is on 30 March.
Image source: DTZ
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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