COMMERCIAL PROPERTY | Staff Reporter, Singapore

104-year-old mid-rise Leshan Gardens up for sale

There is potential for 50 new residential units upon redevelopment.

Leshan Gardens, a 104-year leasehold, mid-rise residential redevelopment site off Geylang Road has been launched for tender, its marketing agent Knight Frank Singapore revealed.

According to an announcement, it has a site area of 1,524.8 sqm (approx. 16,412 sqft) and is zoned residential with a gross plot ratio (GPR) of 2.8 and can yield approximately 45,955 sqft of gross floor area (GFA) upon redevelopment.

Based on the potential GFA and assuming an average unit size of 85 sqm, there is potential for 50 new residential units upon redevelopment. The site is approximately 600 metres away from both Aljunied and Dakota MRT stations, and is a 20-minute drive to the Central Business District and Changi International Airport.

“Given Leshan Gardens is wholly owned by an entity, there is no need for the Strata Titles Board’s approval. Furthermore, as the site is located near the rejuvenated Paya Lebar commercial hub, residents can enjoy a wide array of leisure, entertainment and dining amenities at the upcoming PLQ Mall, Singpost Centre, Paya Lebar Square and Kinex Mall,” said Ian Loh, head of investment and capital markets, Knight Frank Singapore.

The tender for Leshan Gardens will close on 15 August 2019, Thursday at 3 p.m.

Simultaneously, a row of four freehold adjoining conservation shophouses in Geylang is also up for sale for a guide price of $14m via Expression of Interest (EOI). These two-storey shophouses were in the news earlier this year when a raging fire engulfed a row of seven shophouses in the early hours of 17 March 2019.

The four shophouses have a total land area of 5,113 sqft and are zoned “Commercial” with an allowable GPR of 3.0 under the Urban Redevelopment Authority’s (URA) 2014 Master Plan. A new building thereon can possibly be developed to achieve a total GFA of approximately 15,339 sqft.

Mary Sai, executive director, Investment and Capital Markets, Knight Frank Singapore, said, “Prospective buyers can redevelop the land based on conservation guidelines set out by URA. As this is a secondary settlement area, there is potential for a rear extension, subject to approval from the authorities.”

“With the shophouses zoned for commercial use, there will be no Additional Buyer’s Stamp Duty and Seller’s Stamp Duty payable. Both foreigners and companies are eligible to buy the properties, which are suitable for use as F&B outlets, retail shops or offices, also subject to approval from the authorities,” she added.

As the owners are not GST-registered, no GST will be payable for the properties.

The EOI will close on 15 August 2019, Thursday at 3 p.m.

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