Business

Macly Group buying 5 terrace houses in Guillemard Road for $20.5m

This article is more than 12 months old

Macly Group is buying five terrace houses in the Guillemard Road/Lorong 28 Geylang locale for $20.55 million.

The five two-storey properties - comprising 331, 333, 335 and 339 Guillemard Road and 56 Lorong 28 Geylang - sit on a total freehold land area of 12,839 sq ft.

The price works out to around $700 per sq ft per plot ratio. Under the Urban Redevelopment Authority's Master Plan 2014, the land is zoned for residential use with 2.8 plot ratio (ratio of maximum gross floor area to land area).

"We have approval to redevelop the site into a part-eight storey, part-five storey project with 47 apartments. We plan to begin redevelopment in the first half of next year," Macly Group managing director Herman Chang said.

Macly is making the acquisition through a fully owned subsidiary. The five terrace houses were bought through a private treaty deal, with the transaction due to be completed in mid-June.

The group's other recent acquisitions include nine single-storey shophouses at the corner of Telok Kurau Road and Changi Road.

An outline planning permission has been obtained to redevelop the site into a five-storey residential development with attic, that will house 46 residential units, seven shops, a basement carpark and a rooftop pool.

Set up in 1987, Macly has developed residential and commercial projects in Singapore.

- THE STRAITS TIMES

Property