Geylang Shop House

The asking price of $18 million for a freehold shophouse Lorong 19 Geylang has been put out for expressions of interest. Mount Everest Properties is in charge of selling it.

The site is 5,583 square feet in size, with a total floor space of 12,000 square feet. To put this in perspective, the asking price is equivalent to around $1,500 psf on the floor space at a land rate of $3,224 psf.

According to the most recent Master Plan, the land is designated for either residential or institutional use, with a gross plot ratio of 2.8 and a maximum permissible height of eight stories. The shophouse is now completely rented, according to the marketing agency.

The East-West Line MRT stations of Kallang and Aljunied are within walking distance of the shophouse. In addition to the Paya Lebar Quarter and SingPost Centre, there are also Paya Lebar Square and Paya Lebar Quarter nearby.

Two recent en bloc transactions have taken place close by. Advance Apartments was enbloc for $26.5 million ($1,270 psf), and Yuen Sing Mansion was enbloc for $15.2 million ($1,580 psf).

In March 2019, the 110-unit Rezi 24 on Lorong 24 Geylang was put on the market for sale.