Geylang property with potential: $13.5 mil site invites innovative design ideas.
Developers looking for opportunities in Singapore's prime residential area will be interested in a $13.5 million parcel of land in Geylang, ideal for Geylang Property - an apartment complex. The site at 27 Lorong 32 Geylang offers a unique chance to create boutique and innovative apartment designs that suit the city's changing lifestyle needs, thanks to its strategic location and attractive features.
The site is currently a freehold detached house, with a land area of 6,835 sqft (634.98 sqm). It has an existing 2.8 plot ratio, which means it could potentially accommodate 14 to 20 units (subject to approval by the planning authority) with a maximum GFA of 19,137 sqft. The property is zoned for B2 Use Group, which means it is meant for non-landed residential development.
Location Analysis
The strong demand for Geylang Property in this area is evident from the recent sales performance of Grand Dunman, a new development next to the Dakota MRT station. Within a 1KM radius of the site, this 99-year leasehold project has sold over 50% of its units since its launch in April, with an average price of $2,535 psf. This gives an indication of the market's interest and price expectations for the area.
The proximity to reputable educational institutions also enhances the appeal of residential properties in this vicinity. Within a 1KM radius, there are primary schools like Kong Hwa and Geylang Methodist. There are also secondary schools like Broadrick, Geylang Methodist, and Chung Cheng High School, which cater to the educational needs of the families living in this area.
Another key factor of urban living is seamless connectivity. The site is surrounded by four MRT stations - Dakota, Aljunied, Paya Lebar, and Mountbatten, which are connected to two important lines: the Circle and East West. This extensive transport network ensures fast and convenient travel for residents, making the location of the site more attractive to potential buyers.
Positioning for the Future
Geylang, a blend of historical charm and modern living, has undergone significant changes in recent years. With Paya Lebar transforming into a state-of-the-art integrated development, with a popular mall, office spaces and trendy eateries, and with the upcoming plans for Paya Lebar airbase, the area is set to remain lively for the foreseeable future.
The site at 27 Lorong 32 Geylang is in line with this story of change. Developers can use the site's inherent strengths - its freehold status, reasonable land area, and strategic location - to design a residential project that reflects both the area's character and the desires of contemporary city-dwellers. In the wider context of Singapore's property market, where land is scarce, the availability of a site with such potential is remarkable. Developers who have a flair for creating customised residential spaces that appeal to sophisticated urbanites will find 27 Lorong 32 Geylang a site worth considering.
Geylang Real Estate is exclusively co-marketed by Yeo Khee Liang and Richard Jany.
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