Advance Apartment Advance Apartment is enbloc in its 2nd attempt in 2020 for $26.5 million. After its public tender launch, the Geylang site has attracted numerous inquiries from small & mid-sized developers.

At $26.5 million, after factoring in the 7% incentive Gross Floor Area (GFA) for balconies and a construction fee of around $3 million, the selling price corresponds to a land cost of about $877 per square foot per plot amount.

According to the new URA Master Plan, the 11,439 square foot (sq ft) site can be renovated into a residential or institutional development with a height of eight storeys. It was finished in 1989 with Advance apartment. It is estimated that the site would produce up to 34 residential units with an average size of 900 to 925 sq ft if redeveloped into a condo, JLL said.

According to JLL Nicholas Ng, with this purchase price, the owners would most definitely earn sales proceeds of between S$ 1.7 million and over S$ 2 million. The freehold property occupies an area of 11,429 square feet and has a gross plot ratio of 28 (sq ft). For institutional or private use, the site is marked. The highest permitted height for this location is 8 storeys under the URA Master Plan 2019.

 


Advance Apartment Location

Advance Apartment Enbloc for $26.5m 4

  Advance Apartment Location

Located at 8A Lorong 25 Geylang, Advance apartment is located in the heart of Geylang district 14 with numerous amenities at doorstep such as Bistros, cafes, local gourmet and Aljunied MRT Station.

In Geylang, Aljunied, Paya Lebar, Sims Avenue and Kallang, the site is siutated near to several local gourmet, bistros and other dining options. The Singapore Sports Centre, the lively commercial area of Paya Lebar, the central business district and the future Kallang Riverside are a fast drive away from the venue.


Potential of the Site

For developer, this site can potential build up to 8 storey high and can build up to 34 uints, up from current 14 units. The good take up rate of recent launches like Rezi 24, Noma and Arena Residences.

For residents, this site is surrounded all the freehold apartment within vicinity in this prime district 14 Singapore. Aljunied MRT is also at door step together with all the famour local gourmet.

The site is near to several F&B outlets in Aljunied, Geylang, Paya Lebar, Kalland and Sims Avenue, as well as lifestyle and leisure choices. The Singapore Sports Centre, the lively commercial area of Paya Lebar, the central business district (CBD) and the future Kallang Riverside are a fast drive away from the venue.

This year, condo transaction activity has increased in District 14, where Geylang is based. 1,355 units were transacted in the first 11 months of 2020, out of which 369 were resale transactions. The total has now surpassed the full-year estimates for 2019, when 1,107 units were transacted, of which 350 were resale units.

Apart from Advance Apartments, Yuen Sing Mansion at Lorong 13 Geylang, another old freehold private apartment, was also successfully sold in July this year via a private treaty.  


Specification

Enbloc ProjectAdvance Apartment
Address:8 Lorong 25A Geylang
Total Land Size11,429sf
TenureFreehol
Purchase Price$26.5m
PurchaserNndisclosed
District14
Purchased DateDecember 2020

 

Former Advance Apartment New Condo Registration of Interest


Unit Type: Remarks:
 
 
Advance Apartment
Advance Apartment

Advance Apartment is enbloc in its 2nd attempt in 2020 for $26.5 million. After its public tender launch, the Geylang site has attracted numerous inquiries from small & mid-sized developers.

Product SKU: Advance Apartment

Product Currency: SGD

Product Price: 26500000

Product In-Stock: InStock