SINGAPORE (EDGEPROP) - Owners of the 14-unit Advance Apartment in Geylang have launched the development for collective sale at a guide price of $26.5 million.
The price tag translates to $877 per sq ft per plot ratio (psf ppr), or $861 psf ppr after factoring in the 7 percent bonus balcony gross floor area and a corresponding estimated development charge of about $2.968 million.
Located at No. 8 Lorong 25A Geylang, the freehold site of 11,429 sq ft currently houses an eight-storey development. Under URA’s 2019 Master Plan, it is zoned under Residential/Institution with a gross plot ratio of 2.8 and an allowable height of up to eight storeys.
A developer can potentially configure the allowable gross floor area of 32,001 sq ft up to 34 apartments each sized from 900 to 925 sq ft, says marketing agent JLL.
The plot is a five-minute walk to Aljunied MRT station on the East West line. It is also nearby to amenities such as Paya Lebar Centre and Singapore Sports Hub. Schools such as Kong Hwa School and Geylang Methodist Primary and Secondary School are within one km of the site.
The tender for the site closes on Oct 27, at 3pm.