Baode Building sold for S$27m in collective sale

Mar 02, 2022

FREEHOLD property Baode Building has been sold via a private treaty for S$27 million, after a relaunch of tender on Dec 14, 2021, real estate agency Colliers announced on Tuesday (Mar 1).

The 8-storey residential building at 8 Lorong 35 Geylang, which comprises 14 apartment units on a site area of 1,031.4 square metres (sq m) (around 11,102 square feet), was acquired by Amitabha Buddhist Society (Singapore), as part of its expansion plans.

The buyer currently occupies the nearby 2 Lorong 35 Geylang and 693 Geylang Road, and placed a 5 per cent deposit for the sale on Monday.

The sale price of S$27 million matches the owners' asking price, which translates to a land rate of S$1,007 per square foot per plot ratio (psf ppr).

Depending on the size of their unit, each unit owner will receive estimated gross sale proceeds of S$1.92 million to S$1.94 million upon the successful sale of the property, which is subject to approval from the Strata Titles Board.

The unit sizes in the property are either 113 sq m or 115 sq m.

The owners of Baode Building are represented by Thomas Toh from CTLC Law Corporation, who advised on this collective sale process. Colliers facilitated the collective sale process.

The site is zoned for residential or institutional use with a gross plot ratio of 2.8 and an allowable height of up to 8 storeys, under the Urban Redevelopment Authority's Master Plan 2019.

Prior to the relaunch of tender on Dec 14, 2021, the last collective sale attempt by the freehold building was in July 2021, at the same indicative price of S$27 million.