Business

Clan's 2,219.6 sqm, 99-year leasehold Geylang property goes for $13m

Geylang's red-light reputation may just be turning into a red-letter day for some property owners.

Property developer Oxley Holdings said wholly owned subsidiary Oxley Pearl agreed yesterday to buy a property for $13 million from Huang Clan Association under a 99-year lease.

It is acquiring the property at 16, Lorong 35 Geylang, with the intention of turning it into an eight-storey mixed-use development, which it will name Sixteen35 Residences.

The plot, which currently houses the clan association's headquarters, has an area of about 2,219.6 sq m and is zoned for residential/institution use under the Urban Redevelopment Authority's 2014 Master Plan.

Sixteen35 Residences will house the clan association's new premises on the second and third storeys, and residential flats from the fourth to eighth storeys, Oxley said.

Separately, a site with a 60m frontage along Lorong 18 Geylang, near its intersection with Geylang Road, is up for sale by tender. It is offered for sale based on a 99-year leasehold tenure.

It has a total site area of about 1,696 sq m and is located within an area that was rezoned in 2015 from "residential/institution" use to "commercial/institution" use under the Master Plan.

At a gross plot ratio of 2.8, it can be redeveloped into an eight-storey development with a maximum allowable gross floor area of 4,749.6 sqm. The property is held under single ownership.

The asking price for the property is $36 million, which reflects a land rate of $948 per square foot per plot ratio (ppr) for commercial use or $704 ppr for institution use.

To redevelop the site for commercial use at plot ratio of 2.8, an estimated development charge of $12.5 million is payable, said Edmund Tie in a statement.

If the site is developed for institution use, no development charge is payable.

The tender closes on March 22. - THE STRAITS TIMES

Property