Geylang shophouses for sale at S$40-42m; Joo Chiat shophouses put on market for S$7-7.5m

A row of seven adjoining conservation shophouses in Geylang has been launched for sale at a guide price range of S$40 million to S$42 million, marketing agent Knight Frank Singapore said on Tuesday.

Also under the same sale exercise are two adjoining conservation shophouses on Joo Chiat Road, offered at a guide price of around S$7 million to S$7.5 million.

Both sets of freehold properties are up for sale via expression of interest, which will close at 3pm on Oct 3.

The Geylang shophouses are located at the corner of Geylang Road and Lorong 14 Geylang, near Aljunied MRT station. They have a total land area of 10,520 square feet (sq ft) and a gross floor area (GFA) of about 18,000 sq ft.

The block is fully tenanted and comprises a corner coffee shop, a mobile phone retailer, a Thai massage parlour and other retail trades.

The Geylang properties are suitable for food and beverage (F&B) outlets as well as retail use on the ground floor, while the upper floors can be designated for office use.

“There is potential for a prospective buyer to refurbish the shophouses based on conservation guidelines by the Urban Redevelopment Authority (URA). As this is a secondary settlement area, there is also room for rear extension of up to a maximum height, subject to approval from the authorities,” said Mary Sai, executive director of investment and capital markets at Knight Frank Singapore.

The combined large floor plate for the seven shophouses also allows for flexibility in space reconfiguration to meet the new owner’s needs, be it for owner-occupation or investment, Ms Sai added.

As for the two Joo Chiat properties, they have a land area of 2,393 sq ft and a GFA of about 4,600 sq ft.

The shophouses are tenanted, although Knight Frank did not disclose the tenant mix or the percentage leased out.

They are nestled within a popular food street comprising hotels, restaurants and F&B outlets, near the junction of Joo Chiat Road and Koon Seng Road. Within the vicinity are also Paya Lebar MRT interchange and the upcoming Marine Parade MRT station which is under construction.

“We expect good levels of interest from owner-occupiers and investors looking to develop a presence in the Joo Chiat conservation area,” Ms Sai noted.

“The unique architectural facade and character of the shophouses are unrivalled in cosmopolitan Singapore, coupled with the vibrancy and interesting trade mix of the neighbourhood,” she added.

Both sites in Geylang and Joo Chiat are zoned for commercial use with a plot ratio of 3, under the URA’s Master Plan 2014.

There will be no additional buyer’s stamp duty and seller’s stamp duty payable. Foreigners and companies are also eligible to purchase the properties.

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