Moro Mansions up for collective sale at $30 mil
/ EdgeProp Singapore |
Moro Mansions will be launched for collective sale on March 17 (Photo: Huttons Asia)
SINGAPORE (EDGEPROP) - Moro Mansions, a freehold residential development with 17 apartment units located on Lorong 37 Geylang, will be launched for collective sale on March 17 with an indicative price of $30 million. It sits on a land area of 10,953 sq ft and is currently zoned for residential or institution use with an allowable gross plot ratio of 2.8 under the 2019 Master Plan. It can yield approximately 30,670 sq ft of gross floor area (GFA) upon redevelopment.
Source: EdgeProp LandLens
Huttons Asia, the sole marketing agency for the sale, says the indicative price for Moro Mansions works out to a land rate of $1,132 psf per plot ratio (ppr), inclusive of an estimated development charge of $4.7 million. Factoring in a 7% bonus gross floor area for balconies, the land rate will be $1,107 psf ppr.
Angela Lim, Huttons Asia’s deputy head of investment sales, says that the site can yield up to 33 residential apartments with an average size of around 915 sq ft. Alternatively, it can also be redeveloped into an institutional building with naming rights. Despite the land being “bite-sized”, Lim adds that the site is attractive given its accessibility and close proximity to the CBD, which is a 10-minute drive away.
Moro Mansions is located approximately 350m from Paya Lebar MRT Interchange Station. It is close to amenities such as PLQ Mall, Kallang Wave Mall and recreational facilities like the Singapore Sports Hub and East Coast Park.
Terence Lian, head of investment sales at Huttons Asia, expects Moro Mansion’s location to fuel interest in the property. “Given its strategic location in close proximity to Paya Lebar Central which is envisaged to be a bustling commercial hub, the area will drive strong and sustainable demand by homeowners looking for convenience as well as to indulge in the charms of Geylang.” (Find Singapore commercial properties with our commercial directory)
Lim also notes that the lack of supply of freehold en bloc sites in recent years is also anticipated to drive demand for the property. “We foresee strong interest in Moro Mansions following the successful collective sale of Baode Building to Amitabha Buddhist Society a few weeks ago,” she says. The tender for Moro Mansions will close on April 20 at 12pm. (See potential condos with en bloc calculator)
Source: EdgeProp LandLens
Check out the latest listings near Moro Mansions, Lorong 37 Geylang, Paya Lebar MRT Interchange Station
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