SINGAPORE - A row of four freehold, adjoining conservation shophouses in Geylang - which caught fire earlier this year - has been launched for sale via expression of interest, with a guide price of $14 million, property consultancy Knight Frank Singapore said on Tuesday (July 23).
In March, a massive fire broke out early in the morning to fully engulf five of seven double-storey shophouses along the row. The fire spread quickly as the shophouse units shared a common roof, with furniture and other combustible materials closely packed in some of the units. There were no reported injuries.
A tyre business, a furniture retailer and an electrical shop were the previous occupants of the four shophouses up for sale now.
The four units sit on a total land area of 5,113 sq ft, and are zoned for commercial use with a plot ratio of 3.0 under the Urban Redevelopment Authority's (URA) Master Plan 2014.
That means a new building could be developed to occupy a maximum total gross floor area of around 15,339 sq ft.
They are located along the main stretch of Geylang Road, near the junction of Geylang Road and Lorong 33 Geylang. In close proximity are the Paya Lebar and Dakota MRT stations.
The price tag is affordable compared with shophouses in the central business district, and there are also potential upsides following plans for upcoming developments in the area, Knight Frank said.
"As such, the owners are expecting healthy levels of interest from both investors and corporate entities in acquiring the freehold, commercial asset," the consultancy added.
The buyer may redevelop the land based on conservation guidelines by the Urban Redevelopment Authority. Also, as it is a secondary settlement area, there is room for a rear extension of up to an allowable height, subject to approval from the authorities, said Ms Mary Sai, executive director of investment and capital markets at Knight Frank Singapore.
There will be no additional buyer's stamp duty and seller's stamp duty payable, and both foreigners and companies are eligible to buy the properties.
The shophouses are suitable for office use or as food and beverage outlets, Ms Sai said.
There will be no goods and services tax (GST) involved in the sale as the owners are not GST-registered.
The expression of interest for the four shophouses will close at 3pm on Aug 15.