Geylang's Advance Apartment sold to local consortium for S$26.5 million.
ADVANCE Apartment is a new launch in Geylang, ADVANCE Apartment at 8 Lorong 25A in Geylang was sold to an undisclosed local consortium for S$26.5 million after the second collective sale attempt. The sale price of S$26.5 million is converted into a land price of approximately S$877 per square meter per floor area ratio (psf ppr) or a land price of S$861 per square foot, taking into account the 7% of the bonus balcony gross floor area (GFA ) And the corresponding estimated post-development fee is about S$3 million.
ADVANCE Apartment in Geylang, The freehold landparcel has an area of 11,429 sqft and is zoned for institutional or residential use with a gross plot ratio of 2.8
Advance Apartments Condo Details in Geylang
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According to Nicholas Ng, senior director of Jones Lang LaSalle, based on this price, the owner is expected to receive a total sales revenue of S$1.7 million to S$2 million. He said that positioning has attracted many inquiries from small and medium-sized developers and institutions. According to the plan of the Urban Renewal Authority in 2019, the freehold land area is 11,429 square feet (square feet), which is zoned for residential or institutional use, with a total plot ratio of 2.8 and an allowable height of 8 floors.
Advance Apartment (Geylang New Launch Condo) is close to restaurants and leisure and lifestyle options in Aljunied, Sims Avenue, Geylang, Paya Lebar and Kallang. Jones Lang LaSalle stated that developers can configure the allowed floor area to 32,001 square feet to accommodate up to 34 apartments with an average area of 900-925 square feet. These include the Paya Lebar Centre, the Singapore Sports Centre, the Central Business District and the future Kallang River. The station is also 260 meters away from Aljunied MRT Station.
"With the active adoption of newly launched new projects such as NoMa and Arena Residences, Geylang, Guillemard area, given the large number of inquiries we received, it is not surprising that we have seen many developers start looking for land nearby. For this website," Mr. Wu said.
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