Geylang clan association building for sale with S$36m guide price

Freehold 8-storey property with attic sits on 9,360 sq ft plot with gross floor area of about 26,205 sq ft

Wed, Sep 16, 2020

Rachel Chia

https://www.businesstimes.com.sg/rea...6m-guide-price

A FREEHOLD institutional building at 26 Lorong 27A Geylang is up for sale via expression of interest with a guide price of S$36 million, exclusive marketing agent Cushman & Wakefield said on Tuesday.

The building houses Nanyang Pho Leng Hui Kuan, a Chinese clan association with roots dating back to 1940.

The eight-storey property, which comes with an attic, sits on a land plot measuring 9,360 square feet (sq ft). It has a gross floor area of about 26,205 sq ft.

Under the Urban Redevelopment Authority's (URA) Master Plan 2019, the site is zoned Residential/Institution, with a gross plot ratio of 2.8.

Cushman & Wakefield said the clan association building was completed around 2017. It includes offices, meeting rooms, an event/function hall with a stage, a kitchen and a memorial hall.

Cushman & Wakefield executive director of capital markets Shaun Poh said the property represents "a rare opportunity" to acquire a freehold building that has undergone extensive redevelopment. The development cost was S$32 million, he said.

Mr Poh added that buyers have the option to use the building for civic, cultural or association/clan purposes. They can also apply for a potential change of use to serviced apartments or co-living residences, subject to approval from the relevant authorities.

Cushman & Wakefield executive director of logistics and industrial Brenda Ong added that the sale can be on a vacant possession basis, or with partial/full leaseback arrangement.

She said the agent expects keen interest in the property, given its condition and location in the Geylang/Paya Lebar area.

The property is a five-minute walk to Aljunied MRT station and a 10-minute drive to the central business district.

It is located in the Geylang precinct, where the URA has carried out extensive rezoning of areas from residential/institutional use to commercial/institution use. The precinct could be a potential future business hub, Cushman & Wakefield added.

The expression of interest exercise will close on Oct 20 at 3pm.