In a rare opportunity, an historic two-storey conservation Geylang shophouse will be sold through auction in Singapore.
On land zoned for full commercial use, the freehold property has a total land area of about 1542 sqft (143 sqm), and a gross floor area of about 2562 sqft.
DTZ has been appointed sole marketing agent for the trustee sale. The shophouse is at 617/617A Geylang Rd, with the auction scheduled for March 30 at The Amara Hotel in Tanjong Pagar Rd.
“As conservation shophouses with such attributes are rarely available on the market, investors would be attracted to its scarcity and historical value,” says DTZ head of auction Joy Tan.
“On top of that, there is an opportunity for capital appreciation and higher rental yields once the original property has gone through addition and alteration works.”
Tan says the plot is under-utilised according to the Urban Redevelopment Authority‘s (URA) Master Plan 2014. It is within the Geylang conservation area and is surrounded by other conservation shophouses, mixed-landed houses, private and serviced apartments, and hotels and hostels. It is also close the new Paya Lebar Square and One KM Mall.
This shophouse is probably one of the few available freehold commercial properties in the area, a commercial district. Recent transactions of freehold shophouses in the vicinity range from S$1475 to about S$2400 a square foot. The indicative price for this property is around S$3 million.
The URA says shophouses are prevalent in Singapore’s architectural and built heritage. Built between the 1840s and the 1960s, they are narrow terraced houses with a sheltered pedestrian way at the front, and can be used for both business and living. Shophouses form the bulk of gazetted conservation buildings.
