May 11, 2021
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Grandview Suites is a freehold mixed-use development at the junction of Lorong 22 Geylang and Geylang Road in District 14, comprising 52 apartments and eight ground floor shops. Photo: Knight Frank

A retail podium of eight adjoining ground floor shops at Grandview Suites has been put up for sale via expression of interest (EOI) with a guide price of $26 million, revealed marketing agent Knight Frank Singapore.

Grandview Suites is a freehold mixed-use development at the junction of Lorong 22 Geylang and Geylang Road in District 14, comprising 52 apartments and eight ground floor shops.

The shops have a total floor area of 8,804 sq ft, with unit sizes ranging between 409 sq ft and 3,068 sq ft. They are fully tenanted and comprise a laundromat, dancing studio, fitness centre, dental and medical clinics and other retail trades.

The share value of the eight shops constitutes 26.7% of the development’s total share value.

Knight Frank noted that the combined floor area of the adjoining shops offers the new owner flexibility in space configuration “to meet their needs for owner-occupation or other retail uses”.

“The recurring income, freehold tenure and exact siting of the shops in the conspicuous corner of two busy main roads are great attributes for drawing footfall and common on the checklist of prospective buyers, so a very healthy amount of interest is expected,” said Mary Sai, Executive Director of Capital Markets for Land & Building, Collective & Strata Sales, Knight Frank Singapore.

Since the shops are zoned for commercial use, foreigners and companies may acquire them with no Additional Buyer’s Stamp Duty (ABSD) and Seller’s Stamp Duty (SSD) payable.

The EOI exercise for the shops closes on 15 June

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Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this story, email: victorkang@propertyguru.com.sg

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