Meanwhile, the adjacent condo, Wing Fong Mansions, might also be put up for collective sale soon. Image: Google
Wing Fong Court in Geylang has been put up for collective sale by PropNex Realty with a $108 million reserve price, reported The Business Times.
The freehold condominium located at 10 Lorong 14 Geylang condominium comprises of 88 units and has a site area measuring 29,334 sq ft with a total strata area of around 87,791 sq ft. Its land rate works out to about $997 per square foot per plot ratio (psf ppr).
Zoned for commercial and institutional use under the URA Master Plan 2019, with a plot ratio of 2.8, the site has the potential of being converted for service apartment or hotel use, subject to approval from the authorities.
Redevelopments will not incur Additional Buyer’s Stamp Duty (ABSD) due to the property site’s commercial use classification.
“Due to its close proximity to the city centre, we believe Wing Fong Court will draw interest from foreign investors, such as those from China or Hong Kong, as well as Singapore developers,” Hau said.
Meanwhile, the adjacent condo, Wing Fong Mansions, might also be put up for collective sale soon, according to PropNex lead property consultant Richard Hau. 78.5% of owners by share value and strata area have given their consent for an en bloc sale, Mr Hau added.
The eight-storey, 130-unit is located at 12 Lorong 14 Geylang is marketed by PropNex. Zoned for commercial and institutional use with a plot ratio of 2.8, it has a total strata area of around 142,148 sq ft (13,231 sq m) with a land area of 47,880 sq ft (4,448 sq m).
“If both Wing Fong Court and Wing Fong Mansions are successfully put up for tender, they will make up one of the largest and most promising land sites in Geylang and near the city centre,” Mr Hau said.
Both Wing Fong Court and Wing Fong Mansions are situated in Geylang, which is undergoing a major revamp into a commercial environment and is just a 10-minute drive to the CBD, PropNex noted.
Constructed in 1997, both properties are 14 minutes and 11 minutes away from the Mountbatten and Aljunied MRT stations respectively by foot, and is also a 10-minute drive to the CBD.
The open tender exercise for Wing Fong Court condominium ends on 18 May.
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Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email firstname.lastname@example.org