Green Court up for collective sale with $28m reserve price, Latest Business News - The New Paper

Green Court up for collective sale with $28m reserve price

This article is more than 12 months old

Green Court, a freehold mixed-use redevelopment site in Geylang Road, will be launched for collective sale today, with its owners expecting offers above their reserve price of $28 million, marketing agent Knight Frank Singapore said yesterday.

Including an additional development charge of about $5.24 million payable to the authorities to maximise the gross floor area (GFA), the reserve price translates to a land rate of about $1,178 per square foot per plot ratio.

Green Court is a three-storey commercial and residential development comprising three ground-level shops and six two-storey walk-up apartments on the second level. It has a site area of 894.5 sq m (9,628 sq ft).

The site is zoned part "commercial" with a gross plot ratio (GPR) of 3.0, and part "residential" with a GPR of 2.8.

This allows redevelopment potential to reach up to a maximum permissible GFA of about 28,216 sq ft, Knight Frank said.

Green Court is close to retail malls and office buildings in Paya Lebar Central and the Tanjong Katong area. The site is also a 10-minute drive from the Central Business District.

Aljunied MRT station is about a seven-minute walk away. Dakota MRT station is about a 10-minute walk away.

Mr Ian Loh, Knight Frank Singapore head of investment and capital markets (land, building and collective sales), said: "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... In view of its location and bite-sized quantum, we expect keen interest for this redevelopment opportunity."

The tender will close at 3pm on Feb 19. - THE STRAITS TIMES