Geylang site on the market for $36 mil

By
/ EdgeProp
|
January 31, 2018 7:59 PM SGT
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.
ADVERTISEMENT
(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.