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Three adjoining freehold conservation shophouses at 223, 225 and 227 Geylang Road have been put up for sale via expression of interest (EOI), carrying a guide price of $12 million, revealed marketing agent CBRE.
This works out to around $1,172 per sq ft per plot ratio, after taking into account an estimated development charge of $3.2 million.
With a total built-up area of around 6,754 sq ft, the two-storey shophouses sit on a combined site of about 4,318 sq ft.
The site is zoned for “Commercial” use under the 2019 Master Plan with a plot ratio of 3.0.
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Situated within the Geylang Secondary Settlement Conservation Area, the shophouses are fully leased to multiple tenants. Ground-floor tenants include two entertainment clubs and a restaurant; while upper floor units are leased to residential and office tenants.
“Given the site’s excellent attributes such as its freehold tenure, city fringe location, main road frontage, we’re confident that it will appeal to a wide pool of buyers including investors, owner-occupiers and small to mid-sized developers,” said Clemence Lee, Senior Director of Capital Markets at CBRE.
“The successful buyer can explore maximizing the site’s plot ratio of 3.0 by constructing a rear extension and increasing the built-up area to a total of 12,955 square feet, subject to approval from the relevant authorities. Consequently, the subject property can become a boutique building that potentially houses a F&B outlet and showroom on the ground floor, and serviced apartments or offices on the upper floor, again subject to approval from the relevant authorities.”
He added that the buyer will enjoy naming and signage rights to the property.
And since Geylang Road is strategically situated between two growth centres outlined by the Urban Redevelopment Authority – the Kallang Riverside Lifestyle Precinct and the Paya Lebar Regional Centre, the buyer can also expect “strong rental and capital appreciation in the medium to long term”, said Lee.
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CBRE noted that foreigners can acquire the shophouses, with no Additional Buyer’s Stamp Duty or Seller’s Stamp Duty payable.
The EOI exercise for the shophouses closes on 27 August.
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Eugenia Liew, Senior Digital Content Specialist at PropertyGuru, edited this story. To reach her with feedback on this or other stories, email eugenialiew@propertyguru.com.sg.
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