Six adjoining Geylang Road shophouses put on the market

Oct 06, 2022

SIX adjoining shophouses located at 311 to 321 Geylang Road have been put up for sale via an expression of interest (EOI) at an undisclosed price, exclusive marketing agent Savills Singapore said on Thursday (Oct 6).

According to data from SISV Realink, a nearby shophouse at 323 Geylang Road was transacted in September 2021 for S$10.1 million, at around S$5,080 per square foot (psf) for a site spanning 1,988 sq ft. Based on this pricing, six shophouses could fetch around S$50 million.

The six freehold shophouses, which span two floors each, have individual land titles with a combined land area of 9,792 sq ft and a total floor area of 17,014 sq ft. Selected units include an attic level.

The properties also have a plot ratio of 3 and five-storey rear extension permitted. Savills said this allows for value-add potential to tap an unutilised floor area of 12,362 sq ft.

As they are zoned for commercial use under the Urban Redevelopment Authority’s Master Plan 2019, foreigners and companies are eligible to purchase with no additional buyer’s stamp duty or seller’s stamp duty imposed.

The shophouses are a seven-minute walk from Aljuinied MRT station. They are also near the Pan Island Expressway, Kallang-Paya Lebar Expressway and Nicoll Highway. They are located in an area between the commercial nodes of the Paya Lebar Sub-Regional Centre and the Central Business District.

The EOI exercise will close at 3 pm on Nov 9.