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Owner offers 1,696 sq m redevelopment site in Geylang for at least S$36m
THE owner of a 1,696.3 square metre redevelopment site in the Geylang neighbourhood is putting the property up for tender with an asking price of S$36 million, according to marketing agent Edmund Tie & Co.
The site, which occupies the odd numbered lots 1 through 21 on Lorong 18 Geylang and offers a 60 metre frontage, is being offered on a 99-year leasehold tenure.
The property is within an area that was rezoned in 2015 from residential/institution to commercial/institution under the Urban Redevelopment Authority's 2014 Master Plan.
The asking price reflects a land rate of S$948 per square foot (psf) per plot ratio (ppr) for commercial use with a gross plot ratio of 2.8 times, or S$704 ppr for institution use.
At a gross plot ratio of 2.8, the site can be redeveloped into an eight-storey development with maximum allowable gross floor area of 4,749.6 sq m. However, an estimated development charge of S$12.5 million may be payable to redevelop the site for commercial use at that plot ratio. No development charge is payable if the site is retained for institution use.
The property may be developed for restaurants, shops, offices, commercial schools and association premises if approval is obtained from the authorities.
The tender closes at 3pm on March 22.