Three adjacent conservation shophouses at 489 4, 491 as well as 493 Geylang Road are being offered for sale in the expression of interest process with a suggested price that is $23 million. The shophouses will be sold together and the price will work out to $3,113 psf based on the floor area total as per the CBRE, the marketing agent. CBRE.
Marina View Residences Condo Marina View site enjoys a maximum GFA of 1.09 million sq. ft. It is expected to house 905 private residential units, at least 548,959 sq ft and 540 hotel units in 279,861 sq ft.
These properties are two-storey storehouses situated on the corner of Geylang Road and Lorong 27 Geylang. They have a double frontage of 44m, which extends both roads. The shophouses cover a total surface of 3,830 square feet that is classified as commercial and has an average net plot ratio 3.0.
The shophouses cover an overall floor space of 7,388 square feet. They are currently let – the first floor is used by an eatery, and those on the top floors are let out to the owner of a karaoke club.
The properties are situated within Geylang Conservation Area. Geylang Conservation Area. According CBRE, if the property is sold CBRE the prospective owner could consider building an extension of five stories to increase the floor space subject to the approval of the appropriate authorities. The extension can add 4,100 sq feet to the properties the floor area.
“With the shophouses’ premium characteristics such as its corner land plot, city fringe location, main street frontage, highly sought-after approvals and underutilized plot ratio, we are confident that it will draw strong interest from a wide pool of buyers that include corporate investors, owner-occupiers, small to mid-sized developers and high-net-worth-individuals,” comments Clemence Lee, executive director of capital markets, Singapore at CBRE.
The shophouses are just a 6-minute walk from Aljunied MRT Station.
The opportunity to submit an expression of interest for the shophouses closes on April 19 at 3pm.