SINGAPORE (THE BUSINESS TIMES) - Green Court, a freehold mixed-use redevelopment site in Geylang Road, will be launched for collective sale on Jan 7, with its owners expecting offers above their reserve price of $28 million, marketing agent Knight Frank Singapore said on Monday (Jan 6).
Including an additional development charge of about $5.24 million payable to the authorities to maximise the gross floor area (GFA), the reserve price translates to a land rate of about $1,178 per square foot per plot ratio (psf ppr).
Green Court is a three-storey commercial and residential development comprising three ground-floor shops, and six two-storey walk-up apartments on the second level. It has a site area of 894.5 square metres (9,628 square feet).
Under the Urban Redevelopment Authority's 2019 Master Plan, the site is zoned part "commercial" with a gross plot ratio (GPR) of 3.0, and part "residential" with a GPR of 2.8.
This allows redevelopment potential to reach up to a maximum permissible GFA of about 28,216 sq ft, Knight Frank said.
Green Court is close to retail malls and office buildings in Paya Lebar Central and the Tanjong Katong area. The site is also a 10-minute drive to the central business district, Marina Bay and Tanjong Pagar.
Aljunied MRT station on the East-West Line is about a seven-minute walk away, while Dakota MRT station on the Circle Line is about a 10-minute walk from the site.
Mr Ian Loh, Knight Frank Singapore's head of investment and capital markets (land, building and collective sales), said: "The site is within walking distance to a wide array of leisure, entertainment and dining amenities along Geylang Road and the rejuvenated Paya Lebar Commercial Hub, including PLQ Mall, Singpost Centre, Paya Lebar Square and Kinex Mall.
"In view of its location and bite-sized quantum, we expect keen interest for this redevelopment opportunity."
The tender for Green Court will close at 3pm on Feb 19.