A freehold condominium in Geylang, Wing Fong Court, has been launched for collective sale with a reserve price of S$108 million, marketing agent PropNex Realty told The Business Times (BT) on Thursday.
Meanwhile, the adjacent condo, Wing Fong Mansions, is also expected to be put on the market “soon”, according to lead property consultant Richard Hau from PropNex. If and when this en bloc sale is launched, its reserve price will be S$176 million, Mr Hau told BT.
The 88-unit, eight-storey Wing Fong Court is located at 10 Lorong 14 Geylang. The building has a total strata area of about 87,791 sq ft.
It occupies a site area of 29,334 square feet (sq ft) or 2,725 square metres (sq m). Under the Urban Redevelopment Authority’s (URA) Master Plan 2019, the plot is now zoned for commercial or institutional use, with a plot ratio of 2.8.
The land rate works out to about S$997 per square foot per plot ratio, based on the development charge baseline of 108,403 sq ft (10,071 sq m) in floor area according to the URA. Proposals exceeding this floor area are liable for development charge.
Any redevelopment will not attract additional buyer’s stamp duty, as it is slated for commercial use. (see amendment note)
“Due to its close proximity to the city centre, we believe Wing Fong Court will draw interest from foreign investors, such as those from China or Hong Kong, as well as Singapore developers,” Mr Hau said.
The open tender for Wing Fong Court closes at 4pm on May 18.
Meanwhile, across the road sits the 130-unit, eight-storey Wing Fong Mansions, where some 78.5 per cent of owners by share value and strata area have given their consent for a collective sale, Mr Hau told BT on Thursday.
He added that there are other owners who are likely to sign the agreement by the end of January, and if they do so, that will be enough to garner the requisite 80 per cent approval for a tender to be called.
Located at 12 Lorong 14 Geylang, Wing Fong Mansions is also marketed by PropNex. It has a total strata area of around 142,148 sq ft (13,231 sq m).
The site spans a land area of 47,880 sq ft (4,448 sq m), and is likewise zoned for commercial/institutional use with a plot ratio of 2.8.
“If both Wing Fong Court and Wing Fong Mansions are successfully put up for tender, they will make up one of the largest and most promising land sites in Geylang and near the city centre,” Mr Hau said.
The two properties are situated in Geylang, which is undergoing a major revamp into a commercial environment and is just a 10-minute drive to the central business district, PropNex noted.
Both condos were built in 1997. They are an 11-minute walk from Aljunied MRT station, a 14-minute walk to Mountbatten MRT station, and a seven-minute drive to the Singapore Indoor Stadium.
Law firm Tan & Au LLP is carrying out both collective sales of Wing Fong Court and Wing Fong Mansions.