Geylang freehold industrial site up for sale with S$23m asking price
Joo Chiat freehold commercial building also on the market with S$20m indicative price
Ng Ren Jye
Singapore
A CITY fringe freehold redevelopment site at 51 Lorong 21 Geylang has been put up for sale with a S$23 million asking price or S$599 per square foot per plot ratio.
Located 350 metres from Aljunied MRT station, the single-ownership property occupies a regular plot with a site area of 15,364 square feet (sq ft).
The site has a gross plot ratio of 2.5, which means it can be redeveloped at a maximum gross floor area of 38,410 sq ft.
Under the Urban Redevelopment Authority's (URA) Master Plan 2014, the land is zoned for "Business 1" use. No development charge is payable.
Edmund Tie & Company is the sole marketing agent for the tender exercise, which will close on May 28 at 3pm.
In a separate expression of interest (EOI) on Tuesday, a freehold four-storey commercial building with an attic at 118 Joo Chiat Road was launched for sale with an indicative price of about S$20 million.
This works out to S$1,077 psf, based on the existing gross floor area of about 18,571 sq ft.
The property sits on a 4,686 sq ft site, which is zoned for "commercial" use under the URA's Master Plan 2014.
The building is currently approved for shops on the ground floor and offices on the upper floor. There is also a mechanical car park that can house up to nine cars in the building.
According to marketing agent JLL, the incoming buyer has potential naming and signage rights for the building.
The site - located near the Paya Lebar precinct which has been undergoing rejuvenation and redevelopment - is a roughly 10-minute walk from Paya Lebar and Eunos MRT stations. The EOI exercise for this property closes on May 14 at 3pm.
