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Wing Fong Mansions and Wing Fong Court up for collective sale
FREEHOLD condominium Wing Fong Mansions in Geylang has been launched for collective sale with a reserve price of S$176 million, marketing agent PropNex Realty told The Business Times on Wednesday.
It is up for tender along with the adjacent condo, Wing Fong Court, which was put on the market two weeks ago at a reserve price of S$108 million.
At least 80 per cent of the owners at Wing Fong Mansions have given their consent for an en bloc sale, lead property consultant Richard Hau from PropNex told BT.
The 130-unit, eight-storey property is located at 12 Lorong 14 Geylang and has a total strata area of around 142,149 square feet.
Wing Fong Mansions spans a land area of 47,880 sq ft, while the Wing Fong Court site occupies 29,334 sq ft.
Also marketed by PropNex, the 88-unit, eight-storey Wing Fong Court is located at 10 Lorong 14 Geylang and has a total strata area of about 87,791 sq ft.
The land rate for Wing Fong Court works out to S$997 per square foot per plot ratio, based on the development charge baseline of 108,403 sq ft in floor area according to the Urban Redevelopment Authority (URA). Proposals exceeding this floor area are liable for development charge.
Both freehold sites are zoned for commercial or institutional use with a 2.8 plot ratio.
Any redevelopment will not attract additional buyer's stamp duty.
Together, Wing Fong Mansions and Wing Fong Court make up "one of the largest and most promising land sites in Geylang", Mr Hau said.
There is a possibility of linking the two sites underground with a basement level and forming one integrated development, although this will be subject to URA approval of an outline application, Mr Hau told BT.
The condos are situated in Geylang, which is undergoing a major revamp into a commercial environment. They are a 10-minute drive to the central business district.
Also in the vicinity is the Paya Lebar Quarter, a four-hectare mixed-development with retail, office and residential components.
Carolyn Tan of Tan & Au LLP, the solicitors for both collective sales, said: "We are excited to be part of the process for the gentrification of Geylang. It is hoped that this Geylang area will become the new 'French Quarter of the East' in Singapore - an entertainment district with art galleries, antique stores and jazz clubs boasting Bohemian vibes and a quaint, distinctive character."
Both tenders close at 4 pm on May 18.