Kwong Wai Shiu Hospital, the owner of Leshan Gardens condominium in Geylang, has sold the freehold property en bloc to an unnamed ear, nose, throat specialist for $26.28 million on a 104-year lease, reported The Business Times.
The price, which includes a $2.35 million development charge, works out to around $623 per square foot per plot ratio (psf ppr).
Situated at 1 Lorong 32 Geylang, the 16,412 sq ft, freehold residential development consists of 38 residential units spread across one four-storey and one eight-storey block. Unit sizes range between 1,044 sq ft and 1,173 sq ft.
While Leshan Gardens is on a freehold site, Kwong Wai Shiu Hospital had carved a 104-year leasehold interest for the sale. The property’s reversionary interest will be owned by Kwong Wai Shiu Hospital.
The 20-year-old development is zoned for residential use with a plot ratio of 2.8 under the 2014 Master Plan and the recently gazetted 2019 Master Plan, which means that the site could be redeveloped into a new project with a maximum gross floor area (GFA) of around 45,955 sq ft.
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According to the GFA guidelines by URA, and assuming an average unit size of 85 sq m (approx 915 sq ft), the site can yield up to 50 residential units upon redevelopment. This is based a release by Knight Frank Singapore, the marketing agent for Leshan Gardens. The development was launched for sale through a tender exercise in mid-July.
Kwong Wai Shiu Hospital granted the doctor an option to purchase in September, which the latter exercised in November.
One of the oldest charitable institutions in Singapore, Kwong Wai Shiu Hospital was founded by a group of Cantonese merchants in 1910 with the aim of providing free medical services to poor immigrants.
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Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg
