Freehold shophouse in Geylang on the market for $18 mil

The Reserve Residences Site Plan

The website is zoned for domestic usage or institutional use with a gross plot proportion of 2.8, and also an allowed elevation of as much as 8 floors, based upon the latest Master Plan. According to the advertising agent, the shophouse is currently totally tenanted.

A freehold shophouse at 6 Lorong 19 Geylang has been put up for sale through expression of interest with a $18 million asking price. The property is marketed by Mount Everest Properties.

The shophouse is close to Kallang and also Aljunied MRT Stations on the East-West Line. Nearby shopping centres consist of Paya Lebar Quarter, Paya Lebar Square, as well as SingPost Centre.

The structure rests on a 5,583 sq ft site and also has a flooring location of about 12,000 sq ft. Thus, the asking cost translates to a land price of $3,224 psf, or concerning $1,500 psf on the floor area.

The most recent launch in the area was the 110-unit Rezi 24 on Lorong 24 Geylang, which was introduced available in March 2019.

Based upon EdgeProp’s Landlens analytics tool, there have been two recent en bloc transactions in the vicinity. They included Advance Apartments on Lorong 25 Geylang, which transacted for $26.5 million ($ 1,270 psf) in December 2020, and Yuen Sing Mansion on Lorong 13 Geylang, which was sold for $15.2 million ($ 1,580 psf) in August 2020