Green Court Relaunched for En Bloc Sale at Same Reserve Price

Green Court Relaunched for En Bloc Sale at Same Reserve Price

Green Court condo, a freehold property along Geylang Road, has relaunch for collective sale, this was announced and according to Knight Frank Singapore their marketing agent.

Earlier in January this year 2020, the freehold site was launched for sale but didn’t attract any bidders.

The reserve price is the same set at S$28 million by the owners and they are expecting more than that.

To maximise the gross floor area, there is an additional development charge (DC) of about S$5.24 million and base on the indicated price, the land rate arrived at S$1,178 psf ppr.

The freehold site is a mixed-use development (commercial and residential) comprises of 6 two-storey apartments on the 2nd floor and 3 commercial units that anchored at the ground floor.

The site occupies a land area of 9,628 square feet or 894.5 square metres and is zoned for “commercial” with high GPR of 3.0, as for “Residential” the GPR is 2.8. It is according to URA Master Plan 2019.

Knight Frank Singapore, the hired agent for the sale said that the freehold site has allowable redevelopment potential of up to a maximum permissible Gross Floor Area (GFA) of about 28,216 square feet.

Green Court is Close to Commercial Hub “Paya Lebar Central”

Green Court is located at 498, 500 Geylang Road, in district 14 Singapore.

Its location has huge advantages as it is close to Paya Lebar Central which is a lively vibrant bustling commercial hub. The en bloc site is expected to benefit from the rejuvenation of the area which touted to be alternative hubs to the CBD.

As for connectivity, the Aljunied MRT station (East-West Line) is found 700 metres away, around 7 mins walk. Another convenient station located in the vicinity will be Dakota MRT station which is the Circle Line.

For traveling to important areas are like Marina Bay, Central Business District (CBD) and Tanjong Pagar, takes only 10 mins drive.

The head of capital markets of real estate consultancy Knight Frank Singapore Ian Loh said that Paya Lebar Central (Commercial Hub) is part of the URA’s decentralisation strategy and the main aim is to provide alternatives for businesses to move away from the CBD so that to create jobs that is conveniently located closer to home.

The whole vicinity has been identified as one of the key areas for growth in commercial business and culture.

He added that potential buyer should consider this enbloc site as it has good location, a freehold tenure and within Paya Lebar Central zone.

The public tender for Green Court will close on Aug 18 at 3 pm.

Green Court Condo En Bloc Details

Tenure: Freehold

Land Size: 9,628 square feet

Total Units: 9

Gross Plot Ratio: 3.0

Address: 498, 500 Geylang Road

District: 14

Marketing Agent: Knight Frank Singapore

Reserve Price: S$28 million 

Status: For Sale
Tender Close: August 18, 2020
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