Aug 03

Freehold shophouse in Geylang on the market for $18 mil

An estate shophouse at 6 Lorong 19 Geylang has been offered via expression of passion with a $18 million asking rate. The property is marketed by Mount Everest Properties.

Based on EdgeProp’s Landlens analytics device, there have actually been 2 current en bloc transactions around. They involved Advance Apartments on Lorong 25 Geylang, which negotiated for $26.5 million ($ 1,270 psf) in December 2020, and also Yuen Sing Mansion on Lorong 13 Geylang, which was sold for $15.2 million ($ 1,580 psf) in August 2020

Forestville EC Site Plan

One of the most current launch in the location was the 110-unit Rezi 24 on Lorong 24 Geylang, which was released for sale in March 2019.

The website is zoned for residential use or institutional usage with a gross plot proportion of 2.8, as well as a permitted height of up to eight storeys, based upon the current Master Plan. According to the marketing representative, the shophouse is currently totally tenanted.

The shophouse is close to Kallang as well as Aljunied MRT Stations on the East-West Line. Neighboring shopping center consist of Paya Lebar Quarter, Paya Lebar Square, and SingPost Centre.

The structure sits on a 5,583 sq ft website and also has a floor location of concerning 12,000 sq ft. Thus, the asking rate translates to a land rate of $3,224 psf, or concerning $1,500 psf on the floor location.

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