The existing two-storey shophouses in Geylang for sale at $50 mil

Seven shophouses located at 284-296 Geylang Road are up for auction with a reserve price in the range of 50 million. The properties are available for sale through an express of interest (EOI) exercise that will close on the 18th of June.

The Reserve Residences brochure will feature modern facilities that make living easy for the residents.

The sole agents who market the properties for these properties are PropNex Realty agents Richard Tan Senior Associate Group District director along with Gracelynn Zhu, associate division director.

The properties are situated in Geylang Road in District 14. In accordance with the most recent master plan, all properties are classified under “commercial” with an average plot ratio of 3.0 and include two-storey shops which are situated on a surface of 10,520 square feet.

On the basis of the reserve price the properties could be offered at the land at a cost of $4,752 per square foot, or $2,767 psf , based on the built-up space of 1807 sq feet. The properties are also granted provisional approval to build attic space that could bring the total space to 23,565 square feet.

Commercial offerings in the area include sanitaryware, hardware and interior design companies and gyms, co-working and co-living areas. “Thus this sale opportunity offers a low-risk, secure and appealing redevelopment opportunity for the owner who will follow with the potential for stable rental income,” says Tan.

Due to its commercial zoning due to its commercial zoning, the properties are not subject to additional buyer’s stamp duty , or seller’s stamp duty. They are available for purchase by both foreigners as well as locals.