GREEN Court, a freehold blended use development along Geylang Road, has been relaunched for aggregate sale by tender, sole marketing agent Knight Frank Singapore said on Wednesday.
It was previously propelled for sale by tender in January, with owners also expecting offers over their S$28 million reserve cost.
Including an extra development charge of about S$5.24 million payable to the authorities to boost the gross floor territory (GFA),the control value translates to a land pace of about S$1,178 per square foot per plot proportion.
The development is a three-story business and residential development comprising three ground-floor shops, and six two-story stroll up apartments on the second level. It has a site region of 894.5 square meters (9,628 square feet). Under the Urban Redevelopment Authority’s 2019 Master Plan, the site is zoned part “Business” with a gross plot proportion (GPR) of 3.0, and part “Residential” with a GPR of 2.8. This allows redevelopment potential of up to a greatest permissible GFA of around 28,216 square feet, Knight Frank said. Green Court, which is close to the intersection of Geylang Road and Lorong 28 Geylang, is close to retail malls and places of business in Paya Lebar Central and Tanjong Katong. The site is a 10-minute drive to the Central Business District (CBD), Marina Bay and Tanjong Pagar. Aljunied MRT station on the East-West Line is around a seven-minute leave, and Dakota MRT station on the Circle Line, around a 10-minute leave.
Situated in the vicinity of the developing Paya Lebar Central, Green Court is expected to benefit from the rejuvenation of the zone, which is slated to be one of the upcoming elective hubs to the CBD, Knight Frank said.
Included Ian Loh, Knight Frank Singapore’s head of capital markets for land and building, group and strata sales: “As one of the key areas identified for development in business and culture, Paya Lebar Central is a piece of the URA’s decentralization strategy to give alternatives to businesses to move away from the CBD and to make jobs closer to home.”
The tender for Green Court will close at 3pm on Aug 18.