mr funny
12-08-11, 00:03
http://www.businesstimes.com.sg/sub/news/story/0,4574,450541-1312487940,00.html?
Published August 4, 2011
Redevelopment site at Geylang Rd up for sale
A REDEVELOPMENT site at 693 Geylang Road is up for sale by tender. The 99-year-leasehold property is located in the Geylang Conservation area and measures 6,488 square feet. It is regular in shape.
Marketing agent Colliers International said yesterday that the site has a gross plot ratio of 2.8. A two-storey building which was previously used as an association clubhouse stands on the site.
Grace Ng, deputy managing director of Colliers International, said: 'Given that the site is in a locality which will get more bustling - with the transformation of Paya Lebar Central into a major commercial hub, as well as the expected completion of the Circle Line end of this year, the successful buyer can consider redeveloping the site to accommodate a seven-storey residential development comprising about 30 units of some 600 sq ft each.'
Recent transacted prices for residential development in the area, such as The Water Edge, range from $1,050 per sq ft to $1,430 per sq ft.
'A community institution such as an association clan or a religious organisation would also be ideal for the site,' Ms Ng added.
The immediate locale comprises a mixture of shophouses, budget hotels, religious buildings, and residential and commercial developments.
The tender for the site closes on Sept 6.
Published August 4, 2011
Redevelopment site at Geylang Rd up for sale
A REDEVELOPMENT site at 693 Geylang Road is up for sale by tender. The 99-year-leasehold property is located in the Geylang Conservation area and measures 6,488 square feet. It is regular in shape.
Marketing agent Colliers International said yesterday that the site has a gross plot ratio of 2.8. A two-storey building which was previously used as an association clubhouse stands on the site.
Grace Ng, deputy managing director of Colliers International, said: 'Given that the site is in a locality which will get more bustling - with the transformation of Paya Lebar Central into a major commercial hub, as well as the expected completion of the Circle Line end of this year, the successful buyer can consider redeveloping the site to accommodate a seven-storey residential development comprising about 30 units of some 600 sq ft each.'
Recent transacted prices for residential development in the area, such as The Water Edge, range from $1,050 per sq ft to $1,430 per sq ft.
'A community institution such as an association clan or a religious organisation would also be ideal for the site,' Ms Ng added.
The immediate locale comprises a mixture of shophouses, budget hotels, religious buildings, and residential and commercial developments.
The tender for the site closes on Sept 6.