The owners are very excited with high hopes and expecting incoming offers above their reserve price.
This was announced by Knight Frank Singapore, the appointed marketing agent of Green Court condo.
Green Court is a 3-storey mixed development (commercial & residential) comprising 3 ground-floor shops and on 2nd level, there are 6 two-storey walk-up apartments.
The freehold attractive site sits on an area of 9,628 square feet or 894.5 square metres.
Under the URA 2019 Master Plan, the redevelopment site is zone for 2 parts: Residential and Commercial. As for residential, it has a gross plot ratio of 2.8 and as for commercial GPR at 3.0.
Knight Frank informed that the freehold site can be redeveloped into a new project with maximum permissible GFA of 28,216 sq ft.
To maximise the gross floor area (GFA), there is a development charge of S$5.24 million payable on this site and base on the reserve price, the land rate arrived at S$1,178 per square foot per plot ratio (psf ppr).
Green Court site location is great and has many advantages: It is very close to Paya Lebar Central, a vibrant commercial hub which require only few mins drive as well as Tanjong Katong area.
Central business district and Marina Bay can be reach with around 10 mins drive.
There are 3 MRT station within 1 km range namely Mountbatten, Dakota and Aljunied.
Aljunied MRT station being the nearest is only 430 m away. This station serves the East-West Line which takes you to important places like Bugis, City Hall and Raffles Place (CBD).
Head of investment and capital markets of Knight Frank Singapore, Ian Loh added that its great location and good connectivity will attract potential developer and close proximity to excellent amenities like Singpost Centre, Kinex Mall, Paya Lebar Commercial Hub, Paya Lebar Square, will be a huge draw.
Furthermore, the attractive freehold site is within walking distance to a wide array of entertainment, leisure and lots of dining amenities along famous Geylang Road.
With so much potential, he expects keen interests from several developers.
The public tender for Green Court mixed development will close at 3 pm on Feb 19, 2020