Geylang's Advance Apartment sold for S$26.5m to local consortium

ADVANCE Apartment at 8 Lorong 25A Geylang has been sold to an undisclosed local consortium for S$26.5 million after a second attempt at a collective sale.

The S$26.5 million sale price translates to a land rate of about S$877 per square foot per plot ratio (psf ppr) or S$861 psf ppr after factoring in the 7 per cent bonus balcony gross floor area (GFA) and a corresponding estimated development charge of about S$3 million.

JLL senior director Nicholas Ng said at this sale price, the owners would expect to receive gross sale proceeds of between S$1.7 million and over S$2 million. He said the site attracted many enquiries from small and mid-sized developers and institutions.

The freehold site has an area of 11,429 square feet (sq ft) and is zoned for residential or institutional use with a gross plot ratio of 2.8 and an allowable height of up to eight storeys, under the Urban Redevelopment Authority's Master Plan 2019.

A developer can potentially configure the allowable GFA of 32,001 sq ft to accommodate up to 34 apartments with an average size of 900-925 sq ft, JLL said.

Advance Apartment's land plot is near food and beverage outlets as well as leisure and lifestyle options in Aljunied, Sims Avenue, Geylang, Paya Lebar and Kallang. These include Paya Lebar Centre, Singapore Sports Hub, the central business district as well as the future Kallang Riverside. The site is also 260 metres from Aljunied MRT station.

"With the positive take up of new launches such as NoMa and Arena Residences in the Sims Avenue, Geylang, Guillemard area, it is not surprising that we see many developers starting to source for land in this vicinity given the amount of enquiries we had received for this site," Mr Ng said.