Another En Bloc Site in Geylang Hot District that Found Buyer and Sold En Bloc
Owners of Advance Apartment will be rejoiced as buyer is found this time and sold en bloc for S$26.5 million.
According to the news, this is their 2nd attempt at collective sale and 2020 seems to be their Good Luck Year.
The Geylang en bloc site has drawn many enquiries and interests from small & mid-sized developers since its launched for public tender.
Base on the sale price, the land rate arrived at S$877 psf ppr and after factored in 7% bonus balcony GFA and expected development charge of about S$3 million, the rate will be around S$861 psf ppr.
According to JLL senior director Nicholas Ng, the happy owners will most likely to receive sale proceeds of amount between S$1.7 million and over S$2 million with this sale price.
The freehold site has a gross plot ratio of 2.8 and covers an area of 11,429 square feet (sq ft). The site is marked for institutional use or residential.
Under URA Master Plan 2019, the maximum allowable height for this site is at 8 storeys.
The marketing agent added that with the gross floor area of 32,001 sq ft, the developer can build up 34 apartments with average units sized of 900-925 sq ft.