Two freehold properties in Geylang have been listed for sale through an Expression of Interest (EOI) exercise, carrying a combined guide price of $14.3 million. The properties are strategically situated within a vibrant area known for its rich cultural tapestry and commercial activities. Zoning them for “Commercial/Institution” use allows for a range of flexible redevelopment opportunities, which could potentially include office spaces, educational facilities, or other institutions that can benefit from the area’s foot traffic.
The first site, located at 47 Lorong 4 Geylang, covers a land area of 2,046 square feet and has a guide price of $4.8 million. This property offers a unique opportunity for investors looking to tap into Geylang’s growing market. Its smaller footprint could cater to boutique businesses or specialty services that align with the local demographic. The property’s location in a bustling neighborhood enhances its appeal, as it is likely to attract both residents and visitors.
The second site, situated at 4 & 6 Lorong 12 Geylang, is more expansive, spanning 3,659 square feet with a guide price of $9.5 million. This larger property presents a more substantial investment opportunity and could be ideal for developers looking to create a multi-functional space. The increased land area allows for a variety of configurations, accommodating larger businesses or institutions that require more room to operate efficiently.
Both properties are offered with vacant possession, simplifying the purchasing process for buyers. Furthermore, they are eligible for purchase by foreign buyers and companies, broadening the potential buyer pool and attracting international investors seeking opportunities in Singapore’s real estate market. The EOI exercise is set to close on June 10 at 3 PM, creating a timeline that encourages interested parties to act quickly.
The Geylang area is experiencing an anticipated increase in housing and footfall, making these properties even more appealing. The combination of their strategic location, flexible zoning, and potential for redevelopment aligns with the current trends in urban development, where mixed-use spaces are becoming increasingly popular.
Investors and developers are likely to recognize the benefits of acquiring properties in this area, where the demand for commercial and institutional spaces is on the rise. As the closing date for the EOI approaches, potential buyers will need to carefully consider their plans and how they can leverage these properties to meet growing market demands.
The opportunity to acquire freehold land in a prime location that is ripe for redevelopment is rare, and interested parties will need to act swiftly to seize this moment. With both sites offering unique advantages, Geylang stands as a promising area for investment, catering to diverse needs in a rapidly evolving urban landscape.
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News Source: Edgeprop
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