Geylang site on the market for $36 mil
By Angela Teo
/ EdgeProp |
On Jan 31, marketing agent Edmund Tie & Company (ET&Co) launched a site at Geylang for sale by tender. The property, which is held under single ownership, has an asking price of $36 million.
It was re-zoned for “Commercial/Institution” use with a gross plot ratio of 2.8 in 2015. This means it can be developed into an 8-storey development with a maximum allowable gross floor area (GFA) of 51,124 sq ft, according to ET&Co.
To redevelop the site for commercial use at a plot ratio of 2.8, the developer has to pay an estimated development charge of $12.5 million, says ET&Co. There is no development charge involved if the site is developed for institution use. The land cost will be $948 psf per plot ratio (ppr) for commercial use, and $704 psf ppr for institution use.
(Picture:ET&Co.)
Subject to approval, the site can be redeveloped into restaurants, shops, offices, commercial schools and association premises, among others, says ET&Co.
Located at Lorong 18 Geylang, the 18,259 sq ft site is about 700m from Aljunied MRT station.
The tender closes on Mar 22.
Follow Us
Follow our channels to receive property news updates 24/7 round the clock.
EdgeProp Telegram
EdgeProp FacebookSubscribe to our newsletter
Search Articles