Freehold Baode Building in Geylang going for $27 mil

SINGAPORE (EDGEPROP) - Baode Building, a freehold residential development at 8 Lorong 35 Geylang, has been put up for collective sale with an indicative price of $27 million. Colliers is the sole marketing agent for this collective sale.

The eight-storey property currently consists of 14 residential units and the entire development sits on an 11,102 sq ft site and the price translates to about $1,007 psf per plot ratio after factoring in a 7% bonus balcony gross floor area.

Under the 2019 Master Plan, the site was zoned for residential or institutional use with a gross plot ratio of 2.8 and an allowable height of up to eight storeys.

“This attractive site is situated near the Paya Lebar precinct, where the URA Master Plan had marked out to develop Paya Lebar Central into a bustling commercial hub. Developers could capitalise on this to reposition the asset to tap into the potential demand for new residential units from a growing working population,” says Pearl Lok, director of capital markets & investment services, Singapore, Colliers. (Find Singapore commercial properties with our commercial directory)

The development is close to malls such as PLQ Mall, Singpost Centre, and Paya Lebar Square. Nearby primary schools within 1km of the site include Kong Hwa Primary School and Geylang Methodist Primary School.

Road connectivity is through the Pan-Island Expressway and the Kallang-Paya Lebar Expressway while the site is close to Paya Lebar MRT Interchange on the Circle and East-West Lines.

“Given its strategic location in proximity to a myriad of amenities available in the nearby Paya Lebar Central precinct, as well as the highly accessible and well-connected transport network, the site would also be an ideal real estate investment for future buyers of the new residential project,” says Lok.

The tender for this collective sale closes on Jan 18, 2022.