Three adjoining freehold conservation shophouses up for sale for $12m

It has a combined site of approximately 4,318 sqft.

Three adjoining freehold two-storey conservation shophouses located at 223, 225 and 227 Geylang Road are up for sale collectively for $12m, according to CBRE, which has been appointed as the exclusive marketing agent. After factoring in an estimated development charge of $3.2m, this works out to about $1,172 per sqft per plot ratio.

The subject property enjoys high visibility with its 15 metres of unobstructed main road frontage along the bustling street of Geylang Road with a combined site of approximately 4,318 sqft. The total built-up area of the three shophouses is approximately 6,754 sqft. The sale will be by way of expression of interest, which closes on 27 August.

Under the 2019 Master Plan, the site is zoned “Commercial” with a plot ratio of 3.0 in the Geylang Secondary Settlement Conservation Area. The subject property is currently fully leased to multiple tenants. Ground-floor tenants include a restaurant and two entertainment clubs, whilst the upper floor units are leased to office and residential tenants.

As the property sits on a site zoned for “commercial” use, foreigners are eligible to purchase the subject property. There is also no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) imposed on the property transaction.

The property is well-connected to other parts of Singapore via public and private transportation. While Kallang MRT Station is a short walk away, numerous bus services can be found along Geylang Road which leads to other arterial roads and expressways such as Kallang-Paya Lebar Expressway (KPE), Pan-Island Expressway (PIE), Central Expressway (CTE) and Nicoll Highway. The Central Business District is also just a short drive away.