A re-development site located at 693 Geylang Road has been put up for public tender Wednesday.
The 99-year leasehold property is within the Geylang Conservation Area and measures some 6,488 square feet and is regular in shape.
It is currently occupied by a two-storey detached development, which was previously used as a club-house by an association.
The site has a gross plot ratio of 2.8 and is zoned for use as “Residential/Institution” under the 2008 Master Plan.
Its marketing agent Colliers International said the site can also be developed into a community institution for association clan or religious organisation.
“Given that the site is in a locality which will get more bustling – with the transformation of Paya Lebar Central into a major commercial hub, as well as the expected completion of the Circle Line end of this year, the successful buyer can consider re-developing the site to accommodate a seven-storey residential development comprising about 30 units of some 600 square feet each,” said Ms Grace Ng, deputy managing director of Colliers International.
“This would complement the thriving residential, commercial and cultural vicinity comprising mosques, temples, clans, trade associations and several ethnically-architectural conservation buildings,” Ms Ng added.
Nearby residential developments in the area like The Water Edge have recently transacted at between S$1,050 per square feet and S$1,430 per square feet.
The tender will close at 3pm on September 6.
Source : Channel NewsAsia – 3 Aug 2011