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A 1,696.3 sq m redevelopment site in Geylang has been put up for sale by its owner, who is asking $36 million for the 99-year leasehold site, reported the Business Times.
Offering a 60-metre frontage, the site occupies the odd numbered lots 1 through 21 on Lorong 18 Geylang, revealed marketing agent Edmund Tie & Co.
It is located within an area which was rezoned in 2015 from residential/institution to commercial/institution under the 2014 Master Plan.
Edmund Tie & Co noted that the asking price works out to a land rate of $948 psf per plot ratio (ppr) for commercial use, or $704 psf ppr for institution use.
With a gross plot ratio of 2.8, the site may be redeveloped into an eight-storey development featuring a maximum allowable gross floor area of 4,749.6 sq m. Developing the site for commercial use at that plot ratio would, however, require a development charge of around $12.5 million.
Retaining the site for institution use, on the other hand, would not entail any development charge.
Subject to approval from the relevant authorities, the site may be developed for offices, shops, restaurants, commercial schools as well as association premises.
The tender for the site will close on 22 March.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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