Two prime freehold properties in Geylang are currently on the market through an Expression of Interest (EOI) exercise, with a combined guide price of $14.3 million. The properties present a unique investment opportunity in a vibrant area of Singapore, strategically located to leverage the increasing demand for commercial and institutional spaces.
The first property, located at 47 Lorong 4 Geylang, is a three-storey walk-up apartment that occupies a land area of 2,046 square feet. This site has an asking price of $4.8 million and offers a maximum allowable gross floor area (GFA) of 5,729 square feet. This significant GFA provides ample scope for redevelopment, allowing potential buyers to explore various options that align with the zoning classification. The zoning under the Urban Redevelopment Authority (URA) Master Plan 2019 designates this property for “Commercial/Institution” use, which opens doors to diverse possibilities including offices, recreation clubs, and educational facilities.
The second property, situated at 4 & 6 Lorong 12 Geylang, is larger, with a land area of 3,659 square feet and a guide price of $9.5 million. This site boasts a maximum GFA of 10,245 square feet, further enhancing its redevelopment potential. The additional space allows for more extensive projects, catering to the needs of a dynamic urban environment.
Both properties’ zoning for commercial and institutional use aligns with the ongoing urbanization trends in Geylang, making them appealing to investors and developers keen on capitalizing on the area’s growth.
One of the significant advantages of these properties is their eligibility for purchase by foreign investors and companies. This inclusivity broadens the potential market for interested buyers, making it an attractive proposition for various stakeholders. The properties can serve as a valuable asset for businesses looking to establish a presence in Singapore or for investors seeking opportunities in a rapidly evolving commercial landscape.
The deadline for the EOI is set for June 10 at 3 PM, creating a timeline for prospective buyers to consider their options and strategize accordingly.
Geylang’s commercial real estate market has seen considerable interest, driven by its unique blend of heritage and modernity. The area’s accessibility, coupled with the increasing population and demand for services, positions these properties as prime candidates for redevelopment.
Whether for institutional use or commercial ventures, the flexibility offered by the zoning allows for creative approaches to property development.
RETAIL & OFFICES SPACE FOR SALE: FORTUNE CENTRE
Fortune Centre offers a prime opportunity for businesses with its attractive retail and office spaces for sale.
Featuring a strategic location in Singapore, it ensures high visibility and foot traffic.
Explore the Fortune Centre Floor Plan and discover competitive Fortune Centre Prices.
View FORTUNE CENTRE Retail Shops and Offices for sale by contacting 6200 6220.
News Source: Edgeprop
Images are not actual photos. For illustration purpose only.