Geylang, blending historical charm with contemporary living, has undergone significant transformation in recent years: EdgeProp
A parcel of land in Geylang, suitable for constructing an apartment complex, is on the market for $13.5 million. For developers seeking opportunities within Singapore's key residential area, the site at 27 Lorong 32 Geylang stands out as a compelling prospect. With its strategic location and appealing attributes, this property provides a canvas for boutique and innovative apartment designs tailored to the city's evolving lifestyle needs.
The existing site is a freehold detached dwelling, with a land area of 6,835 sqft (634.98 sqm). With an existing 2.8 plot ratio, the site could potentially yield 14 to 20 units (actual number of units subject to planning authority) with a maximum GFA of 19,137 sqft. The property has been zoned under B2 Use Group, which signifies its use as a non-landed residential development.
Site is strategically located in Lorong 32 Geylang: EdgeProp LandLens
The robust demand for residential properties in this area can be seen by the recent sales performance of Grand Dunman, a new development located beside the Dakota MRT station. Situated within a 1KM radius of the site, this 99-year leasehold project has recorded over 50% sales since its April debut, with units selling at an average of $2,535 psf. This offers an indicative insight into the market's appetite and pricing benchmarks for the area.
The site is also located within 1KM of Grand Dunman, which sold 550 units during its launch weekend: EdgeProp
Being close to well-regarded educational institutions can boost the appeal of residential properties in this vicinity. Within a 1KM radius, families are near primary schools like Kong Hwa and Geylang Methodist. Additionally, Broadrick Secondary, Geylang Methodist, and Chung Cheng High School are easily accessible, meeting the educational requirements of the families living within this area.
Seamless connectivity is also a cornerstone of urban living. The site's vicinity boasts four MRT stations - Dakota, Aljunied, Paya Lebar, and Mountbatten, linked to two pivotal lines: the Circle and East West. This extensive transportation network promises residents swift and efficient commutes, increasing the appeal of the location of this site to its future residents.
Schools and MRTs within 1KM of site: EdgeProp LandLens
Geylang, blending historical charm with contemporary living, has undergone significant transformation in recent years. With Paya Lebar evolving into a state-of-the-art integrated development, with a popular mall, office spaces and modern eateries, coupled with the upcoming plans for Paya Lebar airbase, the region is set to maintain its vibrancy for the foreseeable future.
The opportunity presented by the site at 27 Lorong 32 Geylang aligns with this narrative of transformation. Developers can leverage the site's inherent strengths – its freehold status, reasonable land area, and strategic location – to conceptualize a residential project that resonates with both the locale's character and the aspirations of modern city-dwellers. In the broader context of Singapore's property market, where land is a coveted resource, the availability of a site with such potential is indeed noteworthy. Developers with a penchant for crafting bespoke residential spaces that cater to discerning urbanites will find 27 Lorong 32 Geylang a site worth considering.
The property is jointly marketed exclusively by Yeo Khee Liang and Richard Jany.
For more information,
Contact RICHARD JANY | 90078398
KEO (R000383F)
JANYS REAL ESTATE PTE. LTD.
OR
Contact YEO KHEE LIANG | 82994620
Associate Senior Marketing Director (R063037G)
HUTTONS ASIA PTE. LTD.