Geylang building launched for collective sale at $27 mil

By
/ EdgeProp Singapore
|
July 13, 2021 3:08 PM SGT
SINGAPORE (EDGEPROP) - Baode Building at 8 Lorong 35 Geylang has been launched for collective sale at an indicative price of $27 million. Colliers is the real estate agency managing the sale and tender of the freehold development. (See also: Fortune Park up for collective sale from $115 mil)
The eight-storey building sits on an 11,102 sq ft site and the guide price translates to a land rate of $989 psf per plot ratio (ppr). After accounting for an additional 7% bonus balcony gross floor area, the land rate falls to $967 psf ppr.
The development consists of 14 apartments. The site is zoned for residential or institutional use with a gross plot ratio of 2.8 under the 2019 Master Plan. It also has an allowable height of up to eight storeys.
ADVERTISEMENT
The city-fringe development is connected to the Pan Island Expressway and Kallang-Paya Lebar Expressway. It is close to the Midtown district in Bugis and the Kallang Sport Hub. It is also in proximity to Paya Lebar MRT Interchange Station on the East-West and Circle Lines.
“This site boasts an exciting potential for the rebranding or repositioning of the asset as it is situated around the Paya Lebar precinct, where the URA Master Plan envisages to develop Paya Lebar Central into a bustling commercial hub,” says Steven Tan, executive director, investment services, at Colliers.
The collective sale tender will close on Aug 18.
Check out the latest listings near Baode Building, Paya Lebar MRT Interchange Station