Two Adjoining Pairs of Freehold Shophouses Along Lorong 24 Geylang For Sale via An Expression of Interest
Singapore - 2 June 2015
CBRE is pleased to launch the sale of 4 and 6 Lorong 24 Geylang, two freehold adjoining conservation shophouses in the heart of the Geylang district.
The offering, located at 4 and 6 Lorong 24 Geylang, has a combined site area of approximately 2,900 square feet. Subject to final survey, the guesstimated current gross floor area is approximately 3,400 square feet. The site located within the Geylang Conservation Area, is currently zoned for Residential/Institution usage and has a gross plot ratio (GPR) of 2.8, under the 2014 Master Plan.
This opportunity is being offered on a vacant possession basis. The allowance for an 8-storey extension permits buyers to explore extensive opportunities to carry out alterations and development works to the adjoining shophouses with the extra flexibility and creativity to configure the space to suit their own requirements. The shophouses enjoy about 10 metres of prominent street frontage with high visibility.
The shophouses in Geylang retains a genuinely authentic character that has been lost in many parts of Singapore as ubiquitous high rise condominiums replace older-style buildings. Geylang offers a true reflection of the old and new lifestyles living harmoniously within Singapore allowing for a compelling investment opportunity for investors and developers to build on the properties’ surrounding attributes. The immediate vicinity is home to a mix of old and new small commercial businesses, conservation houses, hotels as well as numerous eateries, markets and shopping malls which contribute to the bustling area frequented by many individuals across Singapore.
Public transport from the subject properties is conveniently located alongside the surrounding main roads, whilst Aljunied and Dakota MRT stations are only a short walk away. The CBD is also within easy reach and located 10 minutes away by car. The properties enjoy accessibility to other parts of the island via major arterial roads and expressways such as the Pan Island Expressway (PIE), Central Expressway (CTE) and the East Coast Parkway (ECP).
Prospects continue to look for shophouse assets for mid to long-term hold. 4 and 6 Lorong 24 Geylang will attract investors who are looking for quality assets for owner-occupation with potential rental and capital appreciation. The recent rezoning in the Geylang area is also expected to boost land values in the vicinity as residential developers will want to tap on future opportunities within Geylang and the nearby rejuvenated areas.
Sammi Lim, Associate Director, Investment Properties, CBRE said: “The property will most certainly benefit from the continued rejuvenation of Paya Lebar and the Kallang Basin, especially with the completion of Paya Lebar Square, Geylang Serai Market, the revitalized Geylang River and numerous upcoming commercial developments. The Singapore Sports Hub, which is a quick five-minute drive away, adds to the dynamism of the area through its world class sporting, entertainment and community events. The plan to relocate the Paya Lebar Airbase in 2030 also translates to huge potential for growth in the area, and will be highly sought after by buyers and investors who are keen on the East due to its easy accessibility around Singapore and close proximity to the CBD”.
With the eclectic mix of old and new small commercial businesses, conservation houses, hotels, countless eateries, convenient transportation and upcoming commercial developments, the Geylang district presents itself with countless opportunities and a great potential for investments.
CBRE and HRL Properties are the sole joint marketing agents for this exercise.
The closing date for this expression of interest sale is 7 July 2015, Tuesday at 3 pm.
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Neither CBRE nor its affiliated companies make any warranties or claims on the implied accuracy of the information contained herein.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.