Adjoining freehold Geylang shophouses offer income and redevelopment potential at $16.9 mil

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.