A plum site within five minutes’ walk from Paya Lebar MRT station has been put up for sale through expression of interest (EOI) and is slated for redevelopment in a joint venture with the property’s owner – the Huang Association of Singapore, marketing agent DTZ said.
Located off Sims Avenue at 16 Lorong 35 Geylang, the 2,219.6 sqm site is zoned residential/institution with a plot ratio of 2.8 and maximum building height of eight storeys, revealed the Master Plan 2014.
According to the Urban Redevelopment Authority (URA), the development baseline for the subject property is 4607.0905 sqm or an equivalent plot ratio of 2.0756 with the development charge rate based on use group B2.
The property is close to several schools like Kong Hwa School and Geylang Methodist School (Primary). It is also a short drive from the central business district and Orchard Road.
Commenting, Tan Chun Ming, Director of DTZ’s Investment Advisory Services said: “The association is seeking a suitable joint-venture partner to provide the development expertise while they contribute the land. The joint-venture partner is expected, amongst other things, to put up a marketable development scheme if required, undertake the planning submissions, construction and pay for all costs in relation to the development.
“Without the need to pay for land, upfront capital outlay is significantly reduced. This will improve the cash flow and financial feasibility of the project. We envisage interest from a myriad of end-users, contractors and boutique developers,” added Tan.
DTZ also stated that new commercial developments at Paya Lebar Central, such as Paya Lebar Square and ONE KM, will enhance the location’s attractiveness. In addition, URA recently released a land site with a maximum allowable gross floor area of 164,794 sqm of commercial space in Paya Lebar Central. The tender closes in March next year and that site is expected to attract strong interest from developers, with Paya Lebar Central expected to transform into a commercial hub in the coming years.
The EOI for 16 Lorong 35 Geylang will close on 27 January 2015.
Image: Artist’s impression of the future Paya Lebar Central. (Photo by URA)
Romesh Navaratnarajah, Singapore Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
