Leshan Gardens in Geylang sold for S$26.28m
Leshan Gardens in Geylang sold for S$26.28m
Property being sold on 104-year leasehold tenure. The price works out to S$623 psf ppr
THU, DEC 05, 2019
LESHAN Gardens, a 38-unit residential development off Geylang Road, is being sold for S$26.28 million by Kwong Wai Shiu Hospital, The Business Times understands.
The buyer is an ear, nose, throat specialist doctor who also engages in the property business.
Located at 1 Lorong 32 Geylang, Leshan Gardens is on a 16,412 square foot site with freehold tenure but Kwong Wai Shiu Hospital is carving out a 104-year leasehold interest for the sale; it will own the reversionary interest in the property.
The price paid works out to about S$623 per square foot per plot ratio (psf ppr) inclusive of an estimated development charge of S$2.35 million.
On-site is an existing development that is about 20 years old; it comprises two buildings - one four storeys high and the other, eight storeys - with a total of 38 apartments. Their sizes range from about 1,044 sq ft to 1,173 sq ft.
The site is zoned for residential use with 2.8 plot ratio under the Urban Redevelopment Authority's Master Plan 2014 as well as the recently gazetted Master Plan 2019; this means the site may be redeveloped into a project with a maximum gross floor area (GFA) of about 45,955 sq ft.
Assuming an average unit size of 85 square metres (nearly 915 sq ft) GFA as stipulated by the URA for non-landed private housing developments outside the Central Area, the new project on the site can have up to 50 units.
This is based on information in a news release issued by Leshan Gardens' marketing agent, Knight Frank Singapore, in mid-July when it launched the sale for the site through a tender exercise.
The tender closed in August, culminating in the site being awarded to the doctor.
In early September, Kwong Wai Shiu Hospital is understood to have granted the option to purchase, which was exercised in early November.
BT understands that some of the apartments at Leshan Gardens are still being occupied by tenants. The property is about 600 metres from both the Aljunied MRT station on the East-West Line and the Dakota MRT station on the Circle Line
Kwong Wai Shiu Hospital is one of Singapore's oldest charitable institutions. It was founded in 1910 by a group of Cantonese merchants who wanted to provide poor immigrants with free medical services.
