Singapore Geylang Condo for sale up with 104-year-old mid-rise project.
Singapore Geylang Condo for sale up with 104-year-old mid-rise project
Geylang Condo for sale - Marketing agent Knight Frank Singapore revealed that Leshan Gardens, a 104-year lease, a mid-rise residential redevelopment site near Geylang Road has been put up for tender. There is potential for 50 new residential units upon redevelopment.
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According to an announcement, this Geylang Condo for sale has a land area of 1,524.8 square meters (approximately 16,412 square meters) and is a planned residential area with a gross lot ratio (GPR) of 2.8 and can yield approximately 45,955 square meter gross floor area (GFA) upon redevelopment.
Based on potential GFA and assuming an average unit size of 85m2, there is potential for 50 new residential units upon redevelopment. The project is about 600 meters from Aljunied and Dakota subway stations and a 20-minute drive from the Central Business District and Changi International Airport.
“Given Leshan Gardens is wholly owned by an entity, there is no need for the Strata Titles Board’s approval. Furthermore, as the site is located near the rejuvenated Paya Lebar commercial hub, residents can enjoy a wide array of leisure, entertainment and dining amenities at the upcoming PLQ Mall, Singpost Centre, Paya Lebar Square and Kinex Mall,” said Ian Loh, head of investment and capital markets, Knight Frank Singapore.
Leshan Gardens with facade
At the same time, a row of four adjacent conservation townhouses in Geylang is for sale with a guide price of $14 million through an Expression of Interest (EOI). These two-story shophouses made the news earlier this year when a raging fire engulfed a row of seven shophouses at dawn.
Geylang Condo for sale will be a new building on it that could be developed to achieve a total GFA of approximately 15,339 sqft. The four townhouses have a total land area of 5,113 sqft and are assigned a “Commercial” subdivision with an allowable GPR of 3.0 under the Urban Redevelopment Authority (URA) 2014 Master Plan.
Mary Sai, managing director, Investments and Capital Markets, Knight Frank Singapore, said, “Potential buyers can redevelop the site based on conservation guidelines set forth by URA. Since this is a secondary settlement, there is a possibility of further expansion, subject to government approval.”
“With the stores being planned for commercial use, there will be no additional Stamp Tax for buyers and Stamp Tax for sellers. Both foreigners and companies are eligible to purchase properties, suitable for use as a restaurant, retail store or office, which must also be approved by the relevant authorities. ”, she added.
Since the owner is not GST registered, no GST will be charged to the property.
Source: Singapore Business Review
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