Freehold site Advance Apartment at 8 Lorong 25A Geylang is now available for collective sale by tender, after more than 80 per cent of the owners gave their consent, sole marketing agent JLL said on Monday.
The owners are expecting bids in excess of S$26.5 million, the agent added.
That works out to a land rate of about S$877 per square foot per plot ratio (psf ppr), or S$861 psf ppr after factoring in a 7 per cent bonus balcony gross floor area (GFA) and a corresponding estimated development charge of nearly S$3 million.
The eight-storey development is built on a regular shaped plot and houses 14 apartments. It was completed in 1989.
The 11,429 square foot site is zoned for residential or institutional use with a gross plot ratio of 2.8 and an allowable height of up to eight storeys, under the Urban Redevelopment Authority’s (URA) Master Plan 2019.
A developer can potentially configure the allowable GFA of 32,001 square feet (sq ft) to have up to 34 apartments with an average size of 900-925 sq ft, said JLL.
It added that the site is not subject to a pre-application feasibility study on traffic impact, according to a reply from the Land Transport Authority.
“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 and great connectivity,” said Nicholas Ng, senior director of capital markets at JLL Singapore.
It will also extend and benefit from the URA’s rejuvenation plans for Kallang River and the growing Paya Lebar regional centre, Mr Ng noted.
Advance Apartment’s land plot is near food and beverage outlets as well as leisure and lifestyle options in Aljunied, Sims Avenue, Geylang, Paya Lebar and Kallang.
It is a five-minute walk to Aljunied MRT station. The Singapore Sports Hub and the central business district are also within a five to 10 minutes’ drive from the site, JLL said.
Kong Hwa School, Geylang Methodist School (Primary) and Geylang Methodist School (Secondary) are within one kilometre of the property, while Canossa Catholic Primary School is within two kilometres.
Also in the vicinity are James Cook University and Nexus International School.
The tender for Advance Apartment will close on Oct 27 at 3pm.