People’s Mansion at Lorong 31 Geylang has been sold en bloc to Tomlinson Investment for S$42.68 million.
That translates to about S$421 per square foot per plot ratio.
Urban Front Real Estate closed the tender for the site on July 2 after receiving three bids and one expression of interest.
The next highest bid was S$42.1 million.
The collective sale is subject to approval from the Strata Titles Board.
The site, which now houses a 32-unit development, has a land area of about 37,000 square feet and is designated for residential use with a plot ratio of 2.8.
Urban Front says the site can be redeveloped into a project with 115 apartments of 900 square feet on average with basement carparks.
Source : Channel NewsAsia – 13 Jul 2010