99-year leasehold Geylang site on sale for $36m

A site in Lorong 18 Geylang is being put up for sale by an unnamed owner for $36 million.

The land is being offered on a 99-year leasehold and occupies the odd-numbered lots 1 through 21, giving it a 60m frontage.

It is within an area rezoned in 2015 from residential/institution to commercial/institution.

The asking price reflects a land rate of $948 per sq ft per plot ratio (psf ppr) for commercial use, with a gross plot ratio of 2.8 times or $704 ppr for institution use.

However, an estimated development charge of $12.5 million may be payable to redevelop the site for commercial use at that plot ratio. No development charge is payable if the site is retained for institution use.

The property may be developed for restaurants, shops, offices, commercial schools and association premises if approval is obtained, said marketing agent Edmund Tie & Company.

The tender closes at 3pm on March 22.

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