27 Lorong 32 Geylang Freehold Residential Site Acquired for $12.25 Million by Primest Land V1 Consortium
Primest Land V1, a partnership between Ever Glory United Holdings and various investors, has paid $12.25 million for a prime freehold residential plot at 27 Lorong 32 Geylang, District 14.
On December 6, 2023, Ever Glory United, a Catalist-listed mechanical and electrical engineering firm, announced this acquisition in a Singapore Exchange filing, involving a land area of 6,835 sq ft and a plot ratio of 2.8.
The joint venture sees Primest Land holding a 50% stake, with Ever Capital and Sunlit Venture Capital each securing 25%.
Fanny Cheng of Victory Land will lead AFL Development, which will oversee the site’s conversion into a boutique condominium.
The acquisition of the Geylang site is particularly noteworthy given its location within a vibrant community known for its rich heritage and excellent connectivity.
The land sale site is just a short walk from Dakota and Aljunied MRT stations.
The buyer, Primest Land V1, plans to develop the site into a boutique eight-storey condominium, featuring 20 apartments with an average size of 915 sq ft.
This project not only aims to meet the growing demand for residential units but also to enhance the urban fabric of District 14.
Furthermore, the sale underscores the importance of strategic partnerships in the real estate sector.
The consortium’s structure, with Primest Land, Ever Capital, and Sunlit Venture Capital holding respective stakes, exemplifies how collaboration among entities can pool resources and expertise to undertake promising development projects.
Another significant aspect of this transaction is the involvement of AFL Development as the appointed developer and project manager.
With a track record of successful projects, including the boutique residential development Enchante on Evelyn Road, AFL Development’s role in this new project is poised to add value and innovation to the Geylang site’s redevelopment.
These recent land sales in Singapore not only demonstrate the market’s resilience amidst economic headwinds but also highlight the strategic approach of developers and investors.
By focusing on well-located sites with high development potential, these stakeholders are positioning themselves to capitalize on Singapore’s robust property market dynamics.
As the city continues to grow and evolve, such strategic acquisitions are expected to play a key role in shaping its urban landscape and meeting the housing needs of its residents.