Freehold shophouse in Geylang on the market for $18 mil

A freehold shophouse at 6 Lorong 19 Geylang has been offered by means of expression of passion with a $18 million asking rate. The residential property is marketed by Mount Everest Properties.

Senja Residences Location

The shophouse is close to Kallang as well as Aljunied MRT Stations on the East-West Line. Neighboring shopping center include Paya Lebar Quarter, Paya Lebar Square, and SingPost Centre.

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

Based upon EdgeProp’s Landlens analytics tool, there have been two current en bloc transactions around. They involved Advance Apartments on Lorong 25 Geylang, which transacted for $26.5 million ($ 1,270 psf) in December 2020, as well as Yuen Sing Mansion on Lorong 13 Geylang, which was cost $15.2 million ($ 1,580 psf) in August 2020

The website is zoned for residential usage or institutional use with a gross story proportion of 2.8, as well as an allowed elevation of as much as eight storeys, based on the current Master Plan. According to the advertising representative, the shophouse is currently fully tenanted.

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