Green Court, a freehold mixed-use development along Geylang Road, has been relaunched for collective sale by tender, sole marketing agent Knight Frank Singapore said on Wednesday.
It was previously launched for sale by tender in January, with owners also expecting offers above their S$28 million reserve price.
Including an additional development charge of about S$5.24 million payable to the authorities to maximise the gross floor area (GFA),the guide price translates to a land rate of about S$1,178 per square foot per plot ratio.
The development is a three-storey commercial and residential development comprising three ground-floor shops, and six two-storey walk-up apartments on the second level. It has a site area of 894.5 square metres (9,628 square feet).
Under the Urban Redevelopment Authority’s 2019 Master Plan, the site is zoned part “Commercial” with a gross plot ratio (GPR) of 3.0, and part “Residential” with a GPR of 2.8. This allows redevelopment potential of up to a maximum permissible GFA of about 28,216 square feet, Knight Frank said.
Green Court, which is near the junction of Geylang Road and Lorong 28 Geylang, is close to retail malls and office buildings in Paya Lebar Central and Tanjong Katong. The site is a 10-minute drive to the Central Business District (CBD), Marina Bay and Tanjong Pagar. Aljunied MRT station on the East-West Line is about a seven-minute walk away, and Dakota MRT station on the Circle Line, about a 10-minute walk away.
Located in the vicinity of the developing Paya Lebar Central, Green Court is expected to benefit from the rejuvenation of the area, which is slated to be one of the upcoming alternative hubs to the CBD, Knight Frank said.
Added Ian Loh, Knight Frank Singapore’s head of capital markets for land and building, collective and strata sales: “As one of the key areas identified for growth in commercial business and culture, Paya Lebar Central is part of the URA’s decentralisation strategy to provide alternatives for businesses to move away from the CBD and to create jobs closer to home.”
The tender for Green Court will close at 3pm on Aug 18.