Three freehold plots in Geylang with redevelopment potential are up for sale with a combined asking price of $31 million, or $869 psf on maximum permissible GFA.
The plots, with a total land area of 1,183.6 sqm, or 12,740 sq ft, comprise a pair of adjoining terrace houses along Lorong 16 Geylang that interconnect at the rear with another pair along Westerhout Road. Together, they span six property addresses, forming an L-shaped land parcel with prominent dual road frontages.
Plots A and B together measure 815.6 sqm, or 8,779 sq ft, and Plot C measures 368.0 sqm, or 3,961 sq ft.
The plots, zoned "commercial/institution", can be sold individually too, with Plot A and B priced at $21.36 million and Plot C asking for $964 million, according to marketing agent Cushman & Wakefield (S).
The plots had previously received outline permission for an 8-storey mixed-use commercial development comprising shops at the first storey and office space from the second to eighth storeys, maximizing the allowable plot ratio of 2.8.
The site also offers future potential for strata subdivision, subject to the approval of authorities, allowing the divestment of strata-titled office and retail units, an attractive exit avenue for developers looking to pursue a diversified sell-down approach.
See also: 12 strata retail units at Bukit Timah Shopping Centre up for sale at $40 mil
“Freehold assets with redevelopment and repositioning potential continue to draw attention from local players in Singapore," says Shaun Poh, executive director, capital markets, at Cushman & Wakefield.
"We also foresee interest from associations seeking space for their own religious or institutional operations. With the ability to acquire the plots individually or collectively, this gives developers and end-users the flexibility to explore various development schemes, whether boutique offices, institutional use, or a mixed-use offering,” he adds.
The sale will be conducted via private treaty, on an as-is-where-is basis, with vacant possession to be delivered upon completion.
