SINGAPORE - Yuen Sing Mansion, a freehold collective sale site at Nos 6A - 10c Geylang Lorong 13, has been launched for sale by tender by marketing agent JLL.
The four-storey development comprises nine apartments built on a regular shaped plot. All the owners have consented to the collective sale and no Strata Titles Board approval would be required.
The owners are expecting bids in excess of $17 million, which reflects about $779 per square foot per plot ratio (psf ppr) or $753 psf ppr after factoring in the 10 per cent bonus balcony and a corresponding estimated development charge of about $1.24 million.
Under the Urban Redevelopment Authority's (URA) 2014 Master Plan, the 7,868 sq ft site is zoned residential/institution with a gross plot ratio of 2.8 and an allowable height of up to eight storeys, subject to 26 metres above mean sea level.
A developer can potentially configure the allowable GFA (gross floor area) of 24,235 sq ft up to 29 apartments based on the URA's grant of outline permission recently. The site is not subject to a pre-application feasibility study on traffic impact, based on a reply from the Land Transport Authority.
The plot has easy access to many entertainment and dining options in the Geylang area, with the Aljunied and Kallang MRT Stations being within an 800 m and 850 m walk respectively. Paya Lebar Centre, Singapore Sports Hub, the Central Business District as well as the future Kallang Riverside are all within a short five to 10 minutes' drive from the site.
The tender for Yuen Sing Mansion closes on Oct 23 at 2.30pm.