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Completed in circa 2017, the freehold building has an overall gross floor area of around 26,205 sq ft, featuring offices, meeting rooms, a kitchen, an event/function hall with a stage and memorial hall. Photo: Cushman & Wakefield
An eight-storey institutional building at 26 Lorong 27A Geylang has been put up for sale via expression of interest (EOI), carrying an indicative price of $36 million, revealed exclusive marketing agent Cushman & Wakefield.
Currently, it is home to Chinese clan association, Nanyang Pho Leng Hui Kuan, which dates back to 1940.
The eight-storey building comes with an attic and is nestled on a 9,360 sq ft site that is zoned for ‘Residential/Institution’ use under the 2019 URA Master Plan, with a gross plot ratio of 2.8.
Completed in circa 2017, the freehold building has an overall gross floor area of around 26,205 sq ft, featuring offices, meeting rooms, a kitchen, an event/function hall with a stage and memorial hall.
The building is situated within the Geylang precinct “where the Urban Redevelopment Authority has carried out extensive rezoning of areas from ‘Residential/Institutional’ to ‘Commercial/Institution’ use”.
A five-minute walk to Aljunied MRT station, the property is also a 10-minute drive to the Central Business District area.
“This is a rare opportunity to acquire a freehold building which has undergone extensive redevelopment with development cost totalling $32 million,” said Shaun Poh, Executive Director of Capital Markets at Cushman & Wakefield.
“Buyers have the option to use the building for civic, cultural or association/clan purposes or apply for a potential change of use to serviced apartments or co-living residences, subject to approval from the relevant authorities.”
Brenda Ong, Executive Director of Logistics & Industrial at Cushman & Wakefield, said the sale can be on a vacant possession basis or with partial/full leaseback arrangement.
“In view of the transforming suburban locality at Geylang/Paya Lebar and the pristine condition of the property, we expect keen interests for this opportunity,” she said.
The EOI exercise for the freehold building closes on 20 October.
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Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg