Tomlinson Investment has acquired People’s Mansion at Lorong 31 in Geylang for S$42.68 million through an en bloc sale, surpassing the second highest bid of S$42.1 million.
This translates to around S$421 psf ppr.
Urban Front Real Estate closed the public tender for the site on July 2 after receiving three bids and one expression of interest.
The collective sale of People’s Mansion is subject to approval from the Strata Titles Board.
The site houses a 32-unit development and is zoned for residential use. It has a maximum land area of 37,000 sq ft and a plot ratio of 2.8.
Urban Front said the site can be redeveloped into a 115-unit residential project with basement carparks. On average, each unit can be 900 sq ft in size.