Residential/Institution redevelopment site with 100% consensus in Geylang up for collective sale
By EdgeProp Singapore
/ EdgeProp |
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Yuen Sing Mansion, a freehold collective sale site at Nos. 6A - 10C Geylang Lorong 13, has just been launched for sale by tender by sole marketing agent, JLL.
The owners are expecting bids in excess of $17 million, which reflects about $779 per sq ft per plot ratio (psf/pr) or $753 psf/pr after factoring in the 10 per cent bonus balcony and a corresponding estimated development charge of about $1.24 million.
The four-storey development comprises nine apartments built on a regular shaped plot. All the owners have consented to the collective sale and no Strata Titles Board approval would be required.
Under the 2014 Master Plan, the 7,868 sq ft site is zoned ‘Residential/Institution’ with a gross plot ratio of 2.8 and an allowable height of up to 8 storeys. A developer can potentially configure the allowable GFA of 24,235 sq ft up to 29 apartments based on the Urban Redevelopment Authority’s grant of outline permission recently.
The site is not subject to Pre-Application Feasibility Study on traffic impact based on a reply from the Land Transport Authority.
It also enjoys excellent public transport accessibility with the Aljunied and Kallang MRT Stations being within an 800m and 850m walk respectively. It is close to Paya Lebar Centre, Singapore Sports Hub, the Central Business District as well as future Kallang Riverside.
"The site’s locational attributes would appeal to small and mid-sized developers looking for centrally located small development plots in areas with good growth potential. The subject location would extend seamlessly and benefit from the Kallang Riverside Rejuvenation Plans by the Urban Redevelopment Authority”, said Mr. Tan Hong Boon, Regional Director of Capital Markets at JLL, Singapore.
The tender for Yuen Sing Mansion closes on Tuesday, 23 October 2018, at 2.30pm.
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