A Freehold commercial site @ 51 Lorong 21 Geylang has been launched for sale with owner asking price of S$23 million.
This will translate to a land rate of about S$599 psf ppr. This is a single ownership property that is 350 meters away from Aljunied MRT station.
Note that the property is located on a plot of 15,364 sq. ft. with a 2.5 plot ratio. It means that the property could be redeveloped to a gross floor of 38,410 square feet.
According the 2014 urban Redevelopment Authority, the commercial site is zone for business 1 use. The buyer will not be required to pay for development charges.
The site’s tender exercise is being carried out by a marketing agent Edmund Tie & Company and will be closed on May 28 at 3 pm.
Elsewhere, another freehold 4-storey building located at 118 Joo Chiat Road is on sale. The property asking price has been put at S$20 million.
It translates into S$1,077 psf for the existing GFA area of 18,571 square feet. This property which was zoned for commercial use in the 2014 URA’s Master plan sits on 4,686 sq. ft area.
The 4-storey building has been approved for offices and shops on the upper floor and ground floor respectively. It has a parking area capable of accommodating 9 cars.
The marketing agent JLL has said that the lucky buyer will enjoy signage rights. They will also have the freedom to rename the building.
The commercial property is advantages located near the Paya Lebar precinct. It is one of the important places which has been undergoing rejuvenation and redevelopment and soon will be transform into a Vibrant Bustling Commercial Hub.
The property is also 10 minutes’ walk away from the Eunos and Paya Lebar MRT stations. It needs to be mention that the EOI exercise shall close at 3 pm on the 14th of May.