SINGAPORE – Knight Frank Singapore, representing the interests of the owners of Green Court via their collective sale committee, is pleased to announce the launch of the sale of Green Court by tender. Knight Frank Singapore is the exclusive marketing agent of the mixed-use redevelopment site, situated along Geylang Road.
Green Court is a freehold, three-storey commercial and residential development comprising 3 ground floor shops and 6 two-storey walk-up apartments on the second level. It has a site area of 894.5 sq m (approx. 9,628 sq ft).
Under the Urban Redevelopment Authority’s 2019 Master Plan, the site is uniquely zoned part “Commercial” with a Gross Plot Ratio (GPR) of 3.0, as well as part “Residential” with a GPR of 2.8. This allows redevelopment potential to reach up to a maximum permissible Gross Floor Area (GFA) of approximately 28,216 sq ft.
The immediate vicinity is predominantly surrounded by commercial shophouses, apartments and hotels, and is close to retail malls and office buildings at Paya Lebar Central and the Tanjong Katong area. The development has prominent frontage onto Geylang Road.
Major arterial roads and expressways such as the Pan-Island Expressway (PIE), Marina Coastal Expressway (MCE), Kallang Paya Lebar Expressway (KPE), and East Coast Parkway (ECP) provide seamless connectivity to other parts of Singapore. The site also boasts a short 10-minute drive to the Central Business District (CBD), Marina Bay and Tanjong Pagar.
Aljunied (EW9) and Dakota (CC8) MRT Stations are also located approximately 7 minutes’ and 10 minutes’ walk away respectively, providing ease and convenience in public transportation along both the East-West Line and Circle Line.
The owners are expecting offers above their reserve price of S$28 million. Including an additional development charge of approximately S$5.24 million payable to the authorities to maximise the GFA, this translates to a land rate of approximately S$1,178 psf ppr.
Mr Ian Loh, Head of Investment and Capital Markets (Land, Building & Collective Sales), Knight Frank Singapore, says, “The site is within walking distance to a wide array of leisure, entertainment and dining amenities along Geylang Road and the rejuvenated Paya Lebar Commercial Hub, including PLQ Mall, Singpost Centre, Paya Lebar Square and Kinex Mall. In view of its location and bite-sized quantum, we expect keen interest for this redevelopment opportunity.”
The tender for Green Court will close on 19 February 2020, Wednesday at 3.00 pm.