[UPDATE] Wing Fong Court in Geylang launches $108 mil collective sale
By Timothy Tay
/ EdgeProp Singapore |
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SINGAPORE (EDGEPROP) - The owners of Wing Fong Court at 10 Lorong 14 Geylang have launched the collective sales tender for the freehold development, announced marketing agent PropNex Realty.
The reserve price of the 88-unit Wing Fong Court is $108 million. This translates into a land rate of about $997 psf per plot ratio (ppr), based on the development’s floor area of 108,403 sq ft. The condo sits on a 29,334 sq ft site that has a gross plot ratio of 2.8. It is also zoned for commercial or institutional use under the 2019 Master Plan.
Wing Fong Court is on the market for $108 mil. (Picture: PropNex Realty)
[UPDATE, Jan 22, 2020]: According to URA, "as this site is zoned Commercial/Institution under the URA Master Plan, serviced apartments are not allowed on it; and URA is generally not supportive of new hotels in this area. This does not mean that there will be totally no consideration."
According to Richard Hau, division director at PropNex Realty, this also means that any redevelopment will not attract additional buyers’ stamp duty as the site is slated for commercial use.
Hau adds, “Due to its close proximity to the city centre, we believe Wing Fong Court will draw interest from foreign investors, such as those from China or Hong Kong, as well as Singapore developers.”
The tender for the collective sale of Wing Fong Court closes on May 18.
Meanwhile, neighbouring Wing Fong Mansions is also preparing to launch its collective sale bid. Owners representing 78.5% of the development’s share value have given their consent to call for a collective sale tender to be launched, says Hau.
He adds that if the development is launched for sale, the expected reserve price could be about $176 million. PropNex is expected to be the appointed marketing agent for the collective sale of Wing Fong Mansions.
The 130-unit Wing Fong Mansions sits on a 47,880 sq ft site, and has a strata area of about 142,148 sq ft. It is also zoned for commercial or institutional use, and has a gross plot ratio of 2.8, under the 2019 Master Plan.
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