Wing Fong Court at Geylang has been set up for collective sale by PropNex Realty using a $108 million book price, reported The Business Times.
Zoned for commercial and institutional use under the URA Master Plan 2019, with a plot ratio of 2.8, the website has the potential of being converted for service apartment or resort use, subject to approval by the authorities.
Redevelopments won’t incur Additional Buyer’s Stamp Duty (ABSD) because of the property website’s commercial usage classification.
“Due to the close proximity to the city center, we consider Wing Fong Court will draw attention from overseas investors, such as the ones from China or Hong Kong, as well as Singapore programmers,” Hau said.
Meanwhile, the adjacent condominium, Wing Fong Mansions, may also be set up for collective sale shortly, according to PropNex lead home consultant Richard Hau. 78.5 percent of owners share value and strata area have given their approval to get an en bloc sale, Mr Hau added.
Zoned for commercial and institutional use having a plot ratio of 2.8, it has a total strata area of around 142,148 sq feet (13,231 sq m) having a land area of 47,880 sq feet (4,448 sq m).
“If both Wing Fong Court and Wing Fong Mansions are put up for tender, and they’ll make one of the largest and most promising land websites in Geylang and near town center,” Mr Hau said.
Both Wing Fong Court and Wing Fong Mansions are situated in Geylang, which is getting a major revamp into a commercial environment and is only a 10-minute drive into the CBD, PropNex noted.
Constructed in 1997, the two lands are 14 minutes and 11 minutes away in your Mountbatten and Aljunied MRT stations respectively by foot, and it’s also a 10-minute drive to the CBD.
The open tender exercise for Wing Fong Court condo finishes on 18 May.