Row of Geylang Road shophouses up for sale with S$50m reserve price

Row of Geylang Road shophouses up for sale with S$50m reserve price

May 11, 2022

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A ROW of shophouses located at 284 to 296 Geylang Road has been put up for sale via expression of interest with a reserve price of S$50 million.

This translates to about S$2,767 per square feet (psf) on the existing estimated total built-up floor area of 18,072 sq ft, sole marketing agent PropNex Realty said on Wednesday (May 11).

The 7 shophouses each have 2 floors and collectively sit on a freehold site spanning 10,520 square feet (sq ft) that is zoned for commercial use under the Urban Redevelopment Authority’s Master Plan 2019. This means foreigners and companies can acquire the property without paying for additional buyer stamp duty or seller’s stamp duty.

Additionally, the owners have received provisional permission to add an attic to maximise the total gross floor area to 23,564.8 sq ft, PropNex added.

The shophouses are within walking distance to Aljunied MRT Station and a 10-minute drive to the city. They come with tenancies and a “stable rental income stream” and also have multi-type permitted trade uses, including a corner coffee shop and massage establishment.

“The sale opportunity presents a low-risk, safe and attractive redevelopment opportunity with the potential to have steady rental income throughout the time horizon,” PropNex said.

The expression of interest exercise for the shophouse will close on Jun 18, 2022.

https://www.businesstimes.com.sg/rea...-reserve-price