The freehold shophouses, which caught fire in March this year, are located along Geylang Road, near the junction of Lorong 33 Geylang and Geylang Road. They are also close to Paya Lebar and Dakota MRT stations.

A cluster of four adjoining conservation shophouses in Geylang has been launched for sale via expression of interest (EOI) with a guide price of around $14 million, revealed marketing agent Knight Frank Singapore.

The two-storey shophouses caught fire in March this year. Fully engulfing five of the seven shophouses along the row, the fire had spread quickly as the units shared a common roof, with combustible materials and high-density furniture stored in some of the units.

Zoned commercial under the 2014 Master Plan, the property sits on a 5,113 sq ft site with a plot ratio of 3.0. Knight Frank noted that a new building could be developed on the site to occupy a gross floor area of around 15,339 sq ft.

The freehold shophouses are located along Geylang Road, near the junction of Lorong 33 Geylang and Geylang Road. They are also close to Paya Lebar and Dakota MRT stations.

“There is potential for a prospective buyer to redevelop the land-based on conservation guidelines by URA. As this is a secondary settlement area, there is also room for a rear extension of up to an allowable maximum height thereon, subject to approval from the authorities,” said Mary Sai, executive director of investment and capital markets at Knight Frank Singapore.

“With the shophouses are zoned for commercial use, there will also be no Additional Buyer’s Stamp Duty and Seller’s Stamp Duty payable. Both foreigners and companies are eligible to buy the properties, which are suitable for office use or as F&B outlets.”

No Government and Service Tax will also be involved since the owners are not GST-registered.

The EOI exercise for the shophouses will close on 15 August.

Source: 24 Jul 2019, CommercialGuru