The reserve price works out to around $753 psf ppr after taking into account the 10 percent bonus balcony space and development charge. (Photo: JLL)
Yuen Sing Mansion, a four-storey residential development at Nos. 6A – 10C Geylang Lorong 13, has been put up for collective sale, with the owners expecting bids in excess of $17 million, revealed marketing agent JLL.
This works out to around $779 psf per plot ratio (psf ppr) or $753 psf ppr after taking into account the 10 percent bonus balcony area and the $1.24 million development charge.
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Zoned for ‘residential/institution’ use under the 2014 Master Plan, the 7,868 sq ft site has a gross plot ratio of 2.8 and a building height control of up to eight storeys.
A developer can configure the 24,235 sq ft allowable gross floor area up to 29 apartment units based on outline planning permission recently granted by URA.
The site is also not subject to a pre-application feasibility study on traffic impact. No Strata Titles Board approval is also required for the site given that all owners have agreed to the sale.
With access to various dining and entertainment options in the Geylang area, the freehold condo is a short walk from the Aljunied and Kallang MRT stations respectively. It is also within 10 minutes’ drive to Singapore Sports Hub, Paya Lebar Centre, the central business district and future Kallang Riverside.
Nearby schools include Geylang Methodist Primary and Secondary School, Kong Hwa School, Canossa Catholic Primary School, Nexus International School and James Cook University.
“The site’s locational attributes would appeal to small and mid-sized developers looking for centrally located small development plots in areas with good growth potential. The subject location would extend seamlessly and benefit from the Kallang Riverside Rejuvenation Plans by the Urban Redevelopment Authority,” said JLL Singapore capital markets regional director Tan Hong Boon.
The tender for Yuen Sing Mansion will close on 23 October.
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Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email email@example.com