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Published August 4, 2011

Redevelopment site at Geylang Rd up for sale


A REDEVELOPMENT site at 693 Geylang Road is up for sale by tender. The 99-year-leasehold property is located in the Geylang Conservation area and measures 6,488 square feet. It is regular in shape.

Marketing agent Colliers International said yesterday that the site has a gross plot ratio of 2.8. A two-storey building which was previously used as an association clubhouse stands on the site.

Grace Ng, deputy managing director of Colliers International, said: 'Given that the site is in a locality which will get more bustling - with the transformation of Paya Lebar Central into a major commercial hub, as well as the expected completion of the Circle Line end of this year, the successful buyer can consider redeveloping the site to accommodate a seven-storey residential development comprising about 30 units of some 600 sq ft each.'

Recent transacted prices for residential development in the area, such as The Water Edge, range from $1,050 per sq ft to $1,430 per sq ft.

'A community institution such as an association clan or a religious organisation would also be ideal for the site,' Ms Ng added.

The immediate locale comprises a mixture of shophouses, budget hotels, religious buildings, and residential and commercial developments.

The tender for the site closes on Sept 6.