On March 17, Moro Mansions, with 17 apartment units at Geylang, will be put on the market for a collective sale. The price is estimated to be $30 million, but it could be more or less. Under the 2019 Master Plan, it can be used for either residential or institutional purposes. It has a land area of 10,953 sq ft and can be used for either. After it’s redeveloped, it will have about 30,670 square feet of gross floor area (GFA).
Huttons Asia is handling this sale. The land rate is $1,132 psf per plot ratio (ppr), which includes a development charge of $4.7 million. People who live on balconies get 7% more gross floor space than people who don’t. The land rate will be $1,107 psf ppr.
Deputy head of investment sales Angela Lim says that the site can produce up to 33 residential apartments with an average size of about 915 square feet. Alternatively, it could be turned into an institutional building with a name that people can use. Lim says that even though the land is “bite-sized,” the site is good because it is easy to get to and is close to the CBD, which is only a 10-minute drive away.
Moro Mansions is about 350m from the Paya Lebar MRT Interchange Station. It is close to things like the Kallang Wave Mall, PLQ Mall, and the East Coast Park and Singapore Sports Hub.
Terence Lian of Huttons Asia, thinks that the location of Moro Mansion will help people want to buy it. Paya Lebar Central, which is expected to be one of the busiest places in Singapore, is just a short drive away from the new development. Geylang is a popular place for people who want to be close to the city but also want to enjoy its charms.
People are also going to want to buy the property because there haven’t been many freehold en bloc sites available recently, Lim says. “We think there will be a lot of interest in Moro Mansions after the Baode Building was sold to the Amitabha Buddhist Society a few weeks ago,” she says. The bid for Moro Mansions will end at 12pm on April 20.