Geylang Condos News: Corner Shophouse Apartment in Geylang Serai for Sale at $8.3 Million.
Geylang Properties News A ground-floor commercial apartment with a basement is for sale for $8.3 million. Units will be sold during an Expression of Interest (EOI). CBRE is the sole marketing agency.
This apartment is part of a three-storey corner shophouse located at 40 Changi Road. The basement of the apartment can be accessed through an external door on the side of the commercial townhouse or through the ground floor apartment.
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The ground floor Geylang Property has a street frontage of 30 meters and a total floor area of 1,948 square feet, while the basement space is 1,259 square feet.
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According to CBRE, this gives new owners the option to lease the property to two separate tenants. Units on the ground floor and basement are fully leased to a retailer.
“The hotel is strategically located in the heart of Geylang Serai, within walking distance of Paya Lebar and the rejuvenating Joo Chiat Road area. With a large population and workforce concentrated around the area, the property has strong traffic throughout the day, said Joshua Giam, deputy director of capital markets, Singapore, at CBRE.
He added that because Geylang Condo is a commercial class unit, foreign buyers are eligible to purchase the property without incurring additional buyer or seller registration tax on the transaction.
“We see strong demand from family offices and high-net-worth individuals looking for fully owned commercial property. With the right amount of property, easily accessible location, and the ability for new owners to earn rentals instantly, this opportunity will attract many buyers,” said Giam.
The EOI exercise ends on August 29.
Source: By Timothy Tay | EdgeProp Singapore
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