Geylang development up for collective sale for $27mil
Baode Building, a 8 storey residence development at 8 Lor 35 Geylang, has been put together for joint sale by having an indicative cost of $27 mil, revealed Colliers International.
This figures out to a land rate of approximately $Nine hundred Eighty Nine psf per plot ratio or $967 per square ft per PR upon taking into account the 7 % benefit veranda GFA.
The free lease development offers 14 house apartments and fills a 1.0314K square m place that is sector for institutional or home usage within the 2K19 Master Plan with a complete lot ratio of 2.8. The ground similarly has an allowed highness of until 8 storeys.
Baode Building is nestled close-by Paya Lebar Mass Rapid Transit interchange terminal and also is attached to the Kallang-Paya Lebar Highway plus PIE.
The project is furthermore alongside Singpost Centre, Paya Lebar Square and PLQ Mall, whereas proximate academies feature Geylang Methodist Pri School and also Kong Hwa Pri Sch.
“This ground owns an appealing potential for shifting the resource or freshen up considering that it is positioned nearby the Paya Lebar area in which the Urban Redevelopment Authority Master Plan envisage to establish Paya Lebar Central toward a busy industrial hub,” explained Steven Tan, ED of Investment Services at Colliers Int’l.
“The uncommon free lease tenancy of the site moreover assures extended confidence for developers, in particular at this type of a notable job location,” he further mentioned.
The en bloc transaction tender for Baode Building ceases on 18Aug.