The site has a land rate of $948 psf ppr for commercial use or $704 ppr for institution use.
The sale of a Geylang prime development for commercial/institution use has been launched with a price of $36m, Edmund Tie & Company (SEA) Pte Ltd (ET&Co) revealed.
According to a press release, the site has a land rate of $948 psf ppr for commercial use or $704 ppr for institution use. To redevelop the site for commercial use at plot ratio of 2.8, an estimated development charge (DC) of $12.5m is payable. If the site is developed for institution use, no DC is payable.
The site has a 60-metre frontage along Lorong 18 Geylang and a total site area of 1,696.3 sqm.
It is within the area which was rezoned in 2015 from residential/institution use to commercial/institution use.
It can be redeveloped into an eight-storey development with a maximum allowable gross floor area (GFA) or 4,749.6 sqm.
Located about 500 metres from the Aljunied MRT station on the East-West Line, the property is also a short drive away to the Central Business District (CBD), Orchard Road, Paya Lebar commercial hub, and the Singapore Sports Hub.
Subject to the authorities’ approval, the property may be developed for restaurants, shops, offices, commercial schools and association premises, among others.
The property is offered for sale based on a 99-year leasehold tenure.
The tender exercise will close on Thursday, 22 March 2018 at 3 p.m.
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