A three-storey commercial building at 535 Kallang Bahru with an existing gross floor area (GFA) of around 36,207 sq ft is being offered at a guide price of $55 million, which translates to approximately $1,519 psf.
Based on a maximum allowable GFA of 66,850 sq ft, the guide price translates to $823 psf, according to joint exclusive marketing agents CBRE and Cushman & Wakefield.
Sitting on a regular land plot of approximately 22,283 sq ft, the building is currently nearly fully occupied by multiple tenants, including a restaurant, fitness centre, service centre and offices, providing immediate rental income.
Under the URA Master Plan 2025, it is zoned for Commercial use, and investors could potentially unlock significant value by increasing the GFA to a maximum of 66,850 sq ft, reflecting a gross plot ratio of 3.0, subject to relevant authorities’ approvals.
535 Kallang Bahru is located in the heart of the mature and established Geylang Bahru precinct within the city-fringe Kallang district. Standing prominently at the junction of Kallang Bahru and Geylang Bahru, the corner standalone building enjoys dual street frontage and exceptional visibility. It is also conveniently situated at the doorstep of Geylang Bahru MRT Station on the Downtown Line.
Surrounding 535 Kallang Bahru are several land plots that have been rezoned for residential use and are slated for redevelopment into new homes. These include the Kallang Basin Swimming Complex (which closed last year), the former Victoria School campus along Geylang Bahru Lane, and existing industrial estates such as Geylang Bahru Industrial Estate and Kallang Distripark.
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Joshua Giam, director of capital markets, Singapore at CBRE, says: “Given its favourable site attributes and strategic location within close proximity to established business clusters and of convenient reach to the city centre, 535 Kallang Bahru represents a versatile site offering significant upside potential through creative repositioning or a full-scale redevelopment. Subject to authorities’ approvals, it would be ideal for a variety of commercial uses such as corporate headquarters, medical centre, commercial school and childcare centre, among others.”
Sophia Lim, director of capital markets, Singapore at Cushman & Wakefield, adds: “Kallang is entering a new growth phase, underpinned by multiple redevelopment initiatives including new residential projects, the transformation of former institutional and industrial sites, and the development of Gourmet Xchange along Kallang Way. 535 Kallang Bahru represents a strategic investment play, combining stable in-place income with the potential to optimise and reposition the asset over time to benefit from the precinct’s ongoing transformation.”
The sale will be conducted through an expression of interest exercise, which closes at 3pm on April 22.
