The owner of a 1,696.3 square metre redevelopment website in the Geylang area is placing the residential or commercial property for tender with an asking price of S$36 million, inning accordance with advertising and marketing representative. The site, which inhabits the odd phoned number lots 1 through 21 on Lorong 18 Geylang and offers a 60 metre frontage, is being used on a 99-year leasehold tenure. Visit this link https://www.signatureyishun.org/site-plan/ to get more details about 99-year leasehold condos. The building is within a location that was rezoned in 2015 from residential to commercial under the Urban Redevelopment Authority’s 2014 Plan of attack. The asking price reflects a land price of S$948 per square foot (psf) per story proportion (ppr) for industrial usage with a gross plot ratio of 2.8 times, or S$704 ppr for establishment use.
At a gross story proportion of 2.8, the website could be redeveloped right into an eight-storey development with maximum allowed gross flooring location of 4,749.6 sq metre.However, an estimated growth cost of S$12.5 million may be payable to redevelop the website for industrial usage at that story proportion. No growth charge is payable if the website is maintained for establishment use. The property may be created for dining establishments, shops, offices, business institutions and also organization properties if approval is acquired from the authorities.