Geylang property investment situation during the pandemic.
Loyalle Chin, associate division director at PropNex Realty, who specialises in selling shophouses shared that due to the economic downturn, deal scales of Geylang property about shophouses have dropped. There are more shophouses being put on the market as well.
According Mary Sai, executive director of capital markets (strata sales) at Knight Frank Singapore, said that it could be because of increased divestments. She added that businesses were affected during Covid-19 so landlords need to give rental waivers to tenants. The vacancy rates may be higher because F&B outlets are succumbing to falling patronage. Therefore, the rental yield may have fallen during this period of time and some landlords want to divest their shophouse properties as they are unsure how long Covid-19 will last. At the same time, bargain hunters are on the lookout, expecting prices to drop. She said that when prices hell below 4,000 psf on land area, buyers would not delay their purchase.
Geylang property investment situation during the pandemic
Geylang Properties for sale by CBRE recently
Supply of CBD Geylang property about conservation shophouses has remained relatively low because many of them are held by boutique real estate funds, family offices and high-net-worth individuals, according to Clemence Lee, senior director of capital markets at CBRE. Lee said that prices for Geylang property about CBD shophouses have still remained relatively resilient — discounts range between 2% and 5% at most as seen from recent sales transactions.
CBRE has concluded the transaction of two Geylang properties for sale in this year. A two-storey shophouse at 452 Joo Chiat Road on 1,066 sq ft of freehold land was sold for $3.1 million in April, while a three-storey shophouse on 1,604 sq ft of freehold land at 460 Geylang Road was sold for $4.8 million in March.
Geylang roperties for sale at 452 Joo Chiat Road
Geylang properties for sale at 460 Geylang Road
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Geylang Properties for sale at Grandview Suites with the price of $26 million
Grandview Suites is a five-storey, mixed-use development completed in 2016 and located at 1 Lorong 22 Geylang. The entire development comprises 52 residential units and eight ground-floor shops. The freehold site is at the corner of Geylang Road and Lorong 22 Geylang.
8 Geylang properties for sale at Grandview Suites
Geylang property at Grandview Suites includes the strata retail shops having a combined floor area of 8,804 sq ft, with unit sizes ranging from 409 sq ft to 3,068 sq ft. The units are fully leased to a fitness centre, a laundromat, a dancing studio, dental and medical clinics, and other retail businesses. The entire strata value of the shops constitutes 26.7% of the total share value of the freehold development.
Find out more detail information about Grandview Suites Condo here!
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