Freehold 8-Storey Clan Association Building For Sale by Expression of Interest

Brenda Ong • 15/09/2020

Freehold 8-Storey Clan Association Building For Sale by Expression of Interest

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.


Related Insights

Mainland China Logistics Market Overview
Insights • Logistics

Mainland China Logistics Market Overview

China’s logistics market is attracting rising interest from investors, driven by continued expansion in the country’s dynamic e-commerce industry – with total revenues forecast to double by 2025 – and growing recognition of the logistics sector as a “pandemic-proof” asset class.
APAC Capital Markets Overview
Insights • Investment

Asia Pacific Capital Markets Overview - Spotlight on India

As Asia Pacific begins to show signs of recovery from COVID-19, led by a rebound originating from China, what is the current status of the commercial real estate market and where is it headed?
Anna Town • 03/03/2021
Policy Watch Singapore Budget 2021
Insights • Commentary

Policy Watch Singapore: Budget 2021

As the country climbs back from the steep recession, the latest budget is calibrated towards the safe reopening of the economy and those who lagged behind, including the hardest-hit sectors and vulnerable social segments as well as initiatives that aim to generate the most bang for the buck in the long term.
Xian Yang Wong • 16/02/2021