A redevelopment site in the Geylang Conservation area has been put up for sale through a tender.
Located at 693 Geylang Road, the 99-year leasehold property has a total area of 6,488 sq ft and a gross plot ratio of 2.8. Its marketing agent, Colliers International, said a two-storey building previously used as an association clubhouse occupies the site.
“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,” said Grace Ng, Deputy Managing Director of Colliers International.
Nearby residential projects in the area, such as The Water Edge, recently transacted at prices between S$1,050 psf and S$1,430 psf.
“A community institution such as an association clan or a religious organisation would also be ideal for the site,” said Ng.
The tender for the site will close on 6 September 2011.
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