Baode Building, the freehold development within Geylang district has been put up in the collective sale market with a price tag at S$27 million.
The appointed property consultant, Colliers International will be manage and handling the whole collective sale process.
The land rate base on the reserve price falls to $989 psf ppr and with 7% bonus balcony GFA taken into account, the rate will be down to $967 psf ppr.
Baode Building is an 8-storey residential development with 14 apartments and occupies a small area of 11,102 sq ft.
Under the 2019 Master Plan, the site has been marked for institutional or residential use and has (GPR) gross plot ratio of 2.8.
The maximum allowable height for this freehold site is 8 storeys.
Steven Tan, the Executive Director of Investment Services at Colliers International said that this freehold site has exciting potential for rebranding or repositioning the asset because it is located proximity to the Paya Lebar hot zone, where URA Master Plan had the intention to develop Paya Lebar Central into a bustling vibrant commercial hub.
He added that the site’s unique freehold ownership also offers long-term certainty for developers, particularly in such a key employment area.