Some shophouses at Geylang were up for sale in this year.
Three shophouses at Geylang were sold for $8.63 mil by Chip Eng Seng
At Geylang Road, Property and Construction Company Chip Eng Seng has summited an agreement to sell three of its shophouses at a price of $8.63 million to an unrelated party. These shophouses at 157, 159 and 161 Geylang Road, which were acquired by the company in 1993. These shophouses are the group's remaining shophouse property in Singapore and have a partly 2-storey and partly 4-storey corner commercial shophouse, built on a land area of about 2,990 sqft. Currently it is tenanted and will be sold with tenancy.
Raymond Chia, group CEO of Singapore-listed conglomerate Chip Eng Seng Corp
Chip Eng Seng said in Singapore Exchange filing that the group's shophouses developments in Singapore did not contribute remarkably to the group's revenue and profitability wholly. As a consequence, the group had to undertaken an exercise to dispose of its shophouse properties in Singapore. The option fee of three shophouses of $86,300, which is at 1% of the purchase price, has been paid to CES Capital, the group's wholly owned subsidiary.
Chip Eng Seng also added that it has since completed the disposal of its shophouses, which is located at 115 Geylang Road, while remaining properties located at 84/A/B and 86/A/B Tanjong Pagar Road is pending completion on Dec 23.
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Other three conservation shophouses in Geylang triggled for sale at $12 million.There are also 3 freehold, adjoining 2-storey conservation shophouses in Geylang are up for sale at a price of $12 million according to CBRE. The price tag works out to be $1,172 psf per plot ratio after factoring in an estimated development charge of $3.2 million.
Three freehold, adjoining two-storey conservation shophouses in Geylang
These three shophouses situated at 223, 225 and 227 Geylang Road occupy a site area of 4,318 sq ft and enjoy high visibility of 15m of unobstructed main road frontage along Geylang Road, will be sold collectively. The total built-up area of the shophouses is 6,754 sq ft.
Currently, the shophouses are fully tenanted by multiple tenants. The ground-floor tenants include a restaurant and 2 entertainment clubs, while the upper-floor units are tenanted to office and residential tenants. Regarding to URA's 2019 Master Plan, the site is planned for commercial use with a plot ratio of 3.0 in the Geylang Secondary Settlement Conservation Area, that is just 8-minute walk to Kallang MRT Station on the East-West Line.
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