SINGAPORE - A freehold development comprising of a row of five adjoining three-storey conservation shophouses in Geylang Road have been put up for sale.

The property at 236 to 244 Geylang Road has a land area of 7,411 square feet, with built-up area of approximately 21,349 sq ft and seven carpark lots, marketing agent JLL said on Wednesday (Sept 30).

The indicative price for the property is in about $28.8 million which translates to about $1,350 on the total built-up area.

It is held under a single title, with naming rights to the eventual owner.

The building is currently multi-tenanted - with an eating house, a Chinese restaurant and a provision shop on the ground floor, and office and association on the upper floors. Under the 2014 Master Plan, the site is zoned "Commercial" under the Secondary Settlement (Geylang) Conservation Area.

It is along the main Geylang Road, with the corner building enjoying a prominent 32-metre frontage with excellent visibility, JLL said.

"This offering provides an opportunity for both investors and owner-occupiers to acquire a freehold commercial asset located in an area slated for commercial transformation," said Mr Clemence Lee, Manager at JLL Capital Markets.

"With the site strategically situated between the Paya Lebar Sub-Regional Centre and Kallang Riverside Lifestyle Precinct and the rezoning taking place in the area, the property can expect to enjoy strong capital upside from the spillover of commercial activities from the neighbouring precinct and the gradual transformation of the area in the mid to long term," Mr Lee added.

As the property sits on land zoned for commercial uses, foreigners are eligible to purchase the property. There is also no Additional Buyer's Stamp Duty (ABSD) or Seller's Stamp Duty (SSD) imposed on the purchase of the property, JLL said.

It is inviting offers for the purchase of the property through an Expression of Interest exercise which closes on Wednesday, Nov 4 at 3 pm.