Baode Building in Geylang sold for $27 million to Amitabha Buddhist Society (Singapore)
Depending on the size of their unit, each owner is expected to receive gross sale proceeds of $1.92 million to $1.94 million. (Picture: Colliers)
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SINGAPORE (EDGEPROP) - The freehold residential Baode Building at 8 Lorong 35 Geylang has been sold by private treaty for $27 million. The development sits on a 11,102 sq ft site, and the sale translates to a land rate of $1,007 psf per plot ratio. The sale of the building is subject to Strata Titles Board approval.
The development first launched its collective sale attempt last July with an indicative price of $27 million, and it followed up with a relaunch of the tender last December at the same indicative price.
The final sale matches the owner's price expectation. Colliers was the marketing agent for all the collective sale attempts. The owners of Baode Building were also represented by Thomas Toh from CTLC Law Corporation.
Baode Building is an eight-storey residential building that comprises 14 apartment units that range from 1,216 sq ft to 1,238 sq ft. Depending on the size of their unit, each owner is expected to receive gross sale proceeds of $1.92 million to $1.94 million upon the successful completion of the sale.
Buyer Amitabha Buddhist Society has acquired the site as part of its expansion plans. It currently occupies two sites at 2 Lorong 35 Geylang and 693 Geylang Road. The 5% deposit for the collective sale purchase was made on Feb 28.
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