489–493 Geylang Road | Redevelopment Opportunity
3 adjoining corner conservation shophouses on a prominent dual-frontage site.
• Asking: $23M
• Tenure: 199-year lease from 2005 (~178 years balance)
• Land: ~3,830 sqft
• Existing floor area: ~6,500 sqft
• Plot Ratio: 3.0, Commercial zoning
• Max allowable floor area: ~11,489 sqft
• Unutilised potential: ~4,990 sqft — approximately 77% increase over existing floor area
• Potential 5-storey rear extension, subject to authorities’ approval
• Current rental: ~$51K/month / $612K p.a.
• Gross yield: ~2.66% at $23M
• Existing approved uses: L1 Eating House + L2 KTV
Key redevelopment angle:
At $23M, acquisition works out to only ~$2,002 psf based on maximum allowable floor area, before redevelopment/construction costs. The real attraction here is not the existing yield, but the opportunity to unlock nearly 5,000 sqft of additional floor area, reposition the asset and potentially significantly enhance its NOI and capital value.
Call Raymond Giam at 9067XXXX now
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