The freehold institutional building located at 26 Lorong 27A Geylang (the “Property”) has been put up for sale via an Expression of Interest (“EOI”) exercise by the exclusive marketing agent, Cushman & Wakefield. It is currently home to Nanyang Pho Leng Hui Kuan, a Chinese clan association with roots dating back to 1940.
Under the 2019 Master Plan, the site is zoned ‘Residential/Institution’ with a gross plot ratio of 2.8. Completed in circa 2017, the eight-storey building with attic sits on a 9,360 sq ft regular plot and has an overall gross floor area of approximately 26,205 sq ft. Current uses of the Property include office, meeting room, event/function hall with stage, kitchen and a memorial hall.
The building is located within the transforming Geylang precinct where the Urban Redevelopment Authority has carried out extensive rezoning of areas from ‘Residential/Institutional’ to ‘Commercial/Institution’ use. It is poised to benefit from this ongoing rejuvenation. The Property is a mere five-minute walk to Aljunied MRT Station which is one MRT stop away from both Kallang and Paya Lebar – both of which are commercial hubs with an abundance of amenities, in addition to the myriad of eateries and entertainment options in the Property’s vicinity. The Property is also only a 10-minute drive to the Central Business District area which is an added convenience to the potential future business hub.
Mr. Shaun Poh, Executive Director of Capital Markets at Cushman & Wakefield, says “This is a rare opportunity to acquire a freehold building which has undergone extensive redevelopment with development cost totalling $32 million. Buyers have the option to use the building for civic, cultural or association/clan purposes or apply for a potential change of use to serviced apartments or co-living residences, subject to approval from the relevant authorities.”
Ms. Brenda Ong, Executive Director of Logistics & Industrial at Cushman & Wakefield, adds “In view of the transforming suburban locality at Geylang/Paya Lebar and the pristine condition of the property, we expect keen interests for this opportunity. The sale can be on a vacant possession basis or with partial/full leaseback arrangement.”
The indicative price of the asset is $36 million.
The EOI exercise closes on 20 October 2020, at 3.00pm.