The site is zoned for household usage or institutional usage with a gross plot ratio of 2.8, and a permitted height of as much as eight floors, based upon the current Master Plan. According to the marketing agent, the shophouse is presently fully tenanted.
The shophouse is close to Kallang and Aljunied MRT Stations on the East-West Line. Nearby shopping centres consist of Paya Lebar Quarter, Paya Lebar Square, and SingPost Centre.
A freehold shophouse at 6 Lorong 19 Geylang has actually been offered through expression of passion with a $18 million asking price. The building is marketed by Mount Everest Properties.
The building remains on a 5,583 sq ft site and has a flooring area of concerning 12,000 sq ft. Thus, the asking rate translates to a land rate of $3,224 psf, or regarding $1,500 psf on the flooring area.
Based on EdgeProp’s Landlens analytics device, there have actually been two recent en bloc deals in the vicinity. They involved Advance Apartments on Lorong 25 Geylang, which transacted for $26.5 million ($ 1,270 psf) in December 2020, and also Yuen Sing Mansion on Lorong 13 Geylang, which was cost $15.2 million ($ 1,580 psf) in August 2020
One of the most recent launch in the location was the 110-unit Rezi 24 on Lorong 24 Geylang, which was introduced for sale in March 2019.