Located at 8 Lorong 35 Geylang, the eight-storey Baode Building is a residential development that is going for $27 million. Source: Google Maps
Baode Building, an eight-storey residential development at 8 Lorong 35 Geylang, has been put up for collective sale with an indicative price of $27 million, revealed Colliers International.
This works out to a land rate of about $989 per sq ft per plot ratio (psf ppr) or $967 psf ppr after taking into account the 7% bonus balcony gross floor area.
The freehold development features 14 housing units and occupies a 1,031.4 sq m (11,102 sq ft) site that is zoned for residential or institutional use under the 2019 Master Plan with a gross plot ratio of 2.8. The site also has an allowable height of up to eight storeys.
Baode Building is located near Paya Lebar MRT interchange station and is linked to the Kallang-Paya Lebar Expressway and Pan Island Expressway.
The development is also close to Singpost Centre, Paya Lebar Square and PLQ Mall, while nearby schools include Geylang Methodist Primary School and Kong Hwa Primary School.
“This site boasts an exciting potential for rebranding or repositioning the asset as it is situated around the Paya Lebar precinct where the URA Master Plan envisage to develop Paya Lebar Central into a bustling commercial hub,” said Steven Tan, Executive Director of Investment Services at Colliers International.
“The rare freehold tenure of the site also ensures long-term reassurance for developers, especially at such a major employment area,” he added.
The en bloc sale tender for Baode Building closes on 18 August.
Cheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email: [email protected]