Several attractive freehold properties in Geylang are currently up for sale through an Expression of Interest (EOI) exercise, with a combined guide price of $14.3 million. The properties present a notable investment opportunity, particularly for buyers interested in the commercial and institutional sectors. Both sites are strategically located and zoned for “Commercial/Institution” use under the Urban Redevelopment Authority (URA) Master Plan 2019, which allows for a range of flexible redevelopment possibilities.
The first property, located at 47 Lorong 4 Geylang, has a land area of 2,046 square feet and a maximum allowable gross floor area (GFA) of 5,729 square feet. This site is priced at a guide price of $4.8 million. Given its GFA, the property offers potential for significant development, making it an appealing option for investors looking to capitalize on the growing demand for commercial spaces in the region.
The site’s zoning under the URA Master Plan allows for various redevelopment options that could cater to community institution facilities, thus enhancing its attractiveness to potential buyers.
The second property, situated at 4 & 6 Lorong 12 Geylang, is larger, spanning 3,659 square feet. It comes with a guide price of $9.5 million and has the potential to be redeveloped into an eight-storey commercial or institutional building. This allows for a more extensive development compared to the first property, making it a particularly lucrative opportunity for investors.
The flexibility in zoning means that this site could serve a variety of purposes, from educational institutions to community services, thereby meeting the needs of the local population and contributing to the area’s growth.
The EOI exercise for these properties is set to close on June 10 at 3 PM. This timeline creates a sense of urgency for potential buyers, especially considering that both properties are open for purchase by foreign buyers and companies.
This openness to international investment is likely to attract a diverse array of bidders, further driving interest in these properties.
Geylang is known for its vibrant culture and strategic location, which enhances the appeal of these sites. The commercial activities in the area have been steadily increasing, making it an advantageous location for businesses and institutions alike.
Investors are likely to see these properties not only as a means of generating income but also as a way to participate in the ongoing development of the Geylang area.
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News Source: Edgeprop
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