An existing plot of land which was being rezoned and converted by the URA to a commercial/institution zone in 2015 was being put up for sale by its existing owner. The plot of redevelopment site was previously zoned as a residential/institution site. The area of the site is approximately 1696 square metres, has a gross plot ratio of 2.8 if it is used commercially. The redeveloped site is located in the Geylang estate. The site has a 60 metre long frontage and will be sold at a 99-year lease.
The owner is looking to sell the site at a price of S$36 million. The asking price of the development translates to a price of $948 psf ppr (per square feet per plot ratio) if the site is used for commercial purposes. If the site is used for institute purposes, the asking price will translate to a psf ppr of $704.
The site can be rebuilt and developed into a commercial development of 8 storeys high with a gross floor area of slightly more than 4700 square metres. A development charge might be payable if the site is redeveloped for commercial use. However, if the land is redeveloped into institute use, there won’t be any development charge incurred for the developers that buy the land.
Find out more on the sales of this land tender from the link here, http://www.straitstimes.com/business/property/owner-offers-1696-sq-m-redevelopment-site-in-geylang-for-at-least-s36m
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