The three-storey development comprises three ground floor shops and six duplex walk-up apartments on the second floor. Photo: Knight Frank.
Green Court, a freehold mixed-use redevelopment site along Geylang Road, has been relaunched for collective sale, with the owners expecting offers above their $28 million reserve price, revealed marketing agent Knight Frank Singapore.
The price works out to a land rate of around $1,178 per sq ft per plot ratio, including an additional development charge of around $5.24 million payable to maximise the gross floor area (GFA).
Green Court was previously put up for sale in January, carrying the same reserve price.
The three-storey development comprises three ground floor shops and six duplex walk-up apartments on the second floor.
It occupies an 894.5 sq m (9,628 sq ft) site that is uniquely zoned part “Commercial” with a 3.0 gross plot ratio (GPR) and “Residential” with 2.8 GPR under the 2019 Master Plan. This allows redevelopment potential of up to a maximum permissible GFA of around 28,216 sq ft.
Predominantly surrounded by commercial shophouses, hotels and apartments, Green Court is close to office buildings and retail malls at Paya Lebar Central as well as the Tanjong Katong area.
It is a short 10-minute drive to the Central Business District, Marina Bay and Tanjong Pagar. The development is also seven-minutes’ walk away to Aljunied MRT station, while Dakota MRT Station is 10 minutes’ walk away.
“As one of the key areas identified for growth in commercial business and culture, Paya Lebar Central is part of URA’s decentralization strategy in providing alternatives for businesses to move away from the CBD and to create jobs closer to home,” said Ian Loh, Head of Capital Markets for Land & Building, Collective & Strata Sales, Knight Frank Singapore.
“Given its proximity to the airport, many surrounding amenities and convenience to areas for relaxation and recreation, this bodes well for the live-work-play concept this generation seeks, and particularly in a time when the construct of a workplace is rapidly changing.”
The tender for Green Court closes on 18 August.
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email email@example.com