# Adjoining freehold Geylang shophouses offer income and redevelopment potential at $16.9 mil - **Source:** EdgeProp Singapore - **Published:** 2026-10-02T07:00:00.000Z - **Author:** Deepa Chevi - **Original:** https://www.edgeprop.sg/property-news/adjoining-freehold-geylang-shophouses-offer-income-and-redevelopment-potential-169-mil - **Topics:** Commercial & Industrial, Transactions & Deals, Investment & Capital Markets ## Featured rationale The combination of immediate income and potential expansion from 5,600 sq ft to around 9,000 sq ft may attract investors seeking flexible redevelopment options. ## AI summary Two adjoining freehold conservation shophouses at 696 and 698 Geylang Road are offered at $16.9 million, generating approximately $35,000 in monthly rent. ## Original article A pair of adjoining freehold secondary settlement conservation shophouses at 696 and 698 Geylang Road is on the market at a guide price of $16.9 million. Occupying a combined land area of about 3,010 sq ft, the commercial properties have an existing floor area of approximately 5,600 sq ft. The guide price translates to about $3,017 psf based on the existing floor area. The properties are marketed by 9 Land Capital, with Chai Chin Yun, managing partner of the agency, handling the sale through an expression of interest (EOI) exercise. Income-producing asset The shophouses are currently fully tenanted and generate a combined rental income of approximately $35,000 per month, providing an incoming buyer with an immediate source of holding income. One shophouse is occupied by a nightlife operator, while the adjoining property has a retail tenant on the ground floor and a co-living operator on the upper floors. The existing tenancy profile allows an investor to retain the properties as income-generating assets without having to commit additional capital to redevelopment immediately after acquisition. According to Chai, this provides investors with flexibility over their investment strategy. Rather than redeveloping immediately, a buyer could continue collecting rental income while considering longer-term plans for the properties. “The attraction is that the purchaser does not have to rely entirely on redevelopment for the investment to make sense,” says Chai. “There is already rental income coming in, while the additional floor area gives the buyer something to work with in the future.” Potential for about 9,000 sq ft A key draw is the pair’s redevelopment potential. As the shophouses fall under secondary settlement conservation guidelines, there is potential for a rear extension of up to six storeys. Together with the site’s plot ratio of 3.0, this could potentially increase the total floor area from about 5,600 sq ft currently to around 9,000 sq ft, subject to approval from the relevant authorities. The additional space could allow the incoming owner to explore creating a larger co-living development or alternative commercial uses such as a hotel, subject to the necessary approvals. The additional floor area could provide another avenue to enhance the properties over the longer term, while their adjoining configuration gives the future owner the opportunity to consider the two shophouses as a larger, integrated asset. Based on the $16.9 million guide price and potential enlarged floor area of around 9,000 sq ft, the price works out to approximately $1,877 psf. The shophouses are around 350m from Paya Lebar MRT Station and sit along an established stretch of Geylang Road surrounded by eateries, shops and other commercial uses. They also benefit from proximity to the wider Paya Lebar commercial and residential precinct, including its mix of offices, malls and residential developments. As the properties are fully commercial, additional buyer’s stamp duty does not apply. Foreign purchasers may also acquire the properties, subject to prevailing regulations. The EOI exercise closes at 4pm on Oct 30, 2026. For more information, Contact Chai Chin Yun | 88626375 Partner (R044875G) 9 LAND CAPITAL PTE. LTD. ## Chinese translation > Translation model: openai_codex_cli ### 毗邻的永久地契芽笼店屋以1,690万新元放售，兼具租金收入与重建潜力 位于芽笼路696号和698号的毗邻保育店屋以1,690万新元指导价推出市场。 一对位于芽笼路696号和698号、毗邻的永久地契二级聚落保育店屋，以1,690万新元指导价推出市场。 这两处商业物业合计占地面积约3,010平方英尺，现有楼面面积约5,600平方英尺。按现有楼面面积计算，指导价相当于约每平方英尺3,017新元。 这些物业由9 Land Capital代理销售，该机构管理合伙人Chai Chin Yun通过意向书（EOI）招标方式负责出售。 产生收入的资产 这些店屋目前已全部出租，合计每月租金收入约35,000新元，可为买方提供即时持有收入来源。 其中一间店屋由夜生活经营者承租，毗邻物业的一楼则由零售租户承租，上层由共居运营商承租。现有租赁组合让投资者可保留这些物业作为产生收入的资产，而无需在收购后立即投入额外资本进行重建。 Chai表示，这为投资者的投资策略提供灵活性。买方可不必立即重建，而是在考虑这些物业的较长期规划时继续收取租金收入。 “吸引力在于，买方不必完全依赖重建才能让这项投资合理化，”Chai说。“物业已经有租金收入流入，而额外楼面面积也让买方未来有发挥空间。” 潜在楼面面积约9,000平方英尺 一大卖点是这对店屋的重建潜力。由于这些店屋受二级聚落保育准则管辖，具备向后扩建最高六层的潜力。连同地块3.0的地积比，在相关部门批准的前提下，总楼面面积有望从目前约5,600平方英尺增加至约9,000平方英尺。 额外空间可让未来业主探索打造更大型的共居项目，或酒店等替代商业用途，惟须取得必要批准。 新增楼面面积可为长期提升物业价值提供另一途径，而其毗邻格局也给予未来业主机会，将两间店屋视为一个更大型的整合资产来规划。 按1,690万新元指导价及潜在扩大至约9,000平方英尺的楼面面积计算，价格约为每平方英尺1,877新元。 这些店屋距离巴耶利峇地铁站约350米，位于芽笼路一段成熟街区，周边有餐饮店、商铺和其他商业用途。它们也受益于靠近更广泛的巴耶利峇商业与住宅区，包括办公楼、商场和住宅项目的混合配套。 由于这些物业完全属于商业用途，不适用额外买方印花税。外籍买家亦可购买这些物业，惟须遵守现行法规。 EOI招标将于2026年10月30日下午4时截止。 欲了解更多信息， 请联系 Chai Chin Yun | 88626375 合伙人（R044875G） 9 LAND CAPITAL PTE. LTD.