Geylang sites zoned for commercial/institution use for sale at $14.3 mil

Two freehold properties in Geylang have been put on the market via an expression of interest (EOI) exercise with a collective guide price of $14.3 million. The properties can be purchased individually or collectively and will be sold with vacant possession, says appointed marketing agent Knight Frank Singapore.

Both properties are zoned “Commercial/Institution” under the URA Master Plan 2019, with a plot ratio of 2.8. “They present flexible redevelopment opportunities across a range of uses, such as offices, recreation clubs, commercial schools, or community institution facilities like childcare centres and association premises, subject to approval from the relevant authorities,” adds Knight Frank. 

The first site is located at 47 Lorong 4 Geylang. Occupying a land area of 2,046 sq ft, the site currently has a three-storey walk-up apartment with an estimated floor area of 4,905 sq ft and a maximum allowable gross floor area of 5,729 sq ft. The site has a guide price of $4.8 million.

The site at 47 Lorong 4 Geylang (Picture: Knight Frank Singapore)

The second site comprises two adjoining land plots located at 4 and 6 Lorong 12 Geylang that span 3,659 sq ft. The site currently features a two-storey building with an attic.  Knight Frank says the site could potentially be redeveloped with a brand-new eight-storey commercial or institution building, with a maximum GFA of 10,245 sq ft. The site has a guide price of $9.5 million.

Mary Sai, executive director for capital markets at Knight Frank Singapore, points out that the Geylang area will see a surge in new housing in the coming years. For example, directly across from 47 Lorong 4 Geylang is the upcoming Build-to-Order project Verandah @ Kallang,  which will add over 1,000 new homes by 2028. 

Sai expects the new homes to boost footfall in the area and strengthen demand for community-serving uses such as F&B, childcare and education facilities. This should allow buyers of the assets up for sale the opportunity to tap into the growing catchment, she says. 

In addition, the sites are expected to capitalise on ongoing rejuvenation plans in the Kallang-Geylang corridor, such as the proposed transformation of the nearby former Kallang Airport into a lifestyle and recreational hub. “Both properties are suitable for adaptive reuse or redevelopment, providing optionality for investors to landbank or enhance value through active repositioning,” says Sai.

The properties are not subject to Additional Buyer Stamp Duty (ABSD) or Seller Stamp Duty (SSD), and both foreigners and companies are eligible to purchase them.

The EOI will close on June 10 at 3pm.