Yuen Sing Mansion located in Geylang has gone into en bloc sale and launched its tender.
JLL Singapore the marketing agent for the sale informed that the four-storey freehold development is all geared up for en bloc with all its owners having already consented to the sale and hence no approval needs to be obtained from Strata Titles Board.
A regular shaped plot the site occupies between 6A and 10C in Geylang Lorong 13 and includes 9 apartments.
As a part of the deal owners at Yuen Sing Mansion are expecting to receive bids more than S$17 million reserve price.
At its reserve price the land rate translates to S$779 psf ppr and it would fall down to S$753 psf ppr if the 10% balcony bonus is factored in.
There is also an estimated development charge of S$1.24 million payable for the site.
As per Master Plan of 2014 the URA (Urban Redevelopment Authority) has zoned this as Residential and Institution. The site has GPR of 2.8 and maximum allowable height is up to 8 storeys with a ceiling of 26 meters above mean sea level.
Given the outline permission that was granted to by the URA recently the site could yield 29 apartment units with total GFA of 24,235 sq ft.
Another attractive feature of this site is the fact that there is no need to submit a pre-application feasibility study to the Land Transport Authority with respect to impact of traffic.
This plot is located in close proximity to several entertainment sites that include several restaurants in Geylang Area. Aljunied MRT Station and Kallang MRT Station are just 800 and 850 meters from this site.
Apart from these places such as the Central Business District, Singapore Sports Hub, upcoming Kallang Riverside and Paya Lebar Centre are barely 10 minutes’ drive from this place.
The tender for Yuen Sing Mansion shall close on 23rd of October at 2:30 PM