Yuen Sing Mansion Enbloc to East Asia Geylang for $15.2m

About the En Bloc Sales

 

This year, Singapore’s red-light city of Geylang is seeing unparalleled events. In Geylang, several smaller developers are showing interest in en bloc sales. The Yuen Sing Mansion freehold house, located next to Lorong 13 Geylang, was recently acquired via a private arrangement by East Asia Geylang Development.

The deal was eventually sealed for S$15.2 million, although it was originally planned for S$17 million. Making it the first effective 2020 en bloc deal.In September 2018, the marketing agent JLL released the enbloc sales notice for Yuen Sing by tender. Yuen Sing, the residential house, is a 4-storey building site consisting of 9 apartments developed on a regular-sized plot. The owners had projected more than S$17 million for the site in 2018 when the first bid was announced, which calculate to about S$779 psf ppr.

Alternatively, this meant that the psf ppr was at S$753 when the 10 percent balcony bonus was measured. The estimated construction fee stood at S$1.24 million. According to the 2014 Urban Redevelopment Authority Master Plan, this 7,868 square foot site is assigned as a residential or institutional region. The gross plot ratio of the freehold site is 2.8 and the approved number of floors is actually eight, but this is subject to the condition that the height should be at least 26 meters above the mean sea level.

The media shared this information in 2018. Currently, a developer may configure a gross floor area of 24,235 square feet to construct at least 29 homes, according to the latest URA outline approval granted.CTLC Law Corp lawyer Thomas Toh, who represents the vendors, said that the owners have begun to search for buyers since the 2018 tender was unsuccessful, although several companies have begun to hear them out.

The owners were very satisfied that a buyer was actually identified this time, according to Mr. Toh. In July, 2020, the contract was concluded. Between 7th April and 1st June, there was a circuit breaker.

The Developer – Asia Geylang Development was incorporated as a real estate business by two main shareholders: Huang Yanhong, a resident of Singapore, and Zhang Zhiming, a Chinese national.

 

Yuen Sing Mansion Location

---

Yuen Sing Mansion is located at 6A Lorong 13 Geylang in Singapore District 14. This development is located near to Kallang MRT Station, 850 meters away, while Aljunied Station is 800 meters away. The Singapore Sports Complex, the Paya Lebar Centre, and the Central Business District ( CBD) are all only a 5-10 minute drive away. Also nearby is the new Kallang Riverside.

Residents here can head toward Suntec and even Central Business District within 10 minutes drive via Nicoll Highway.

 

Potential of the Site

---

With the Geylang Rezone announce previously with happening from Geylang Lorong 4 to 22, this site at the former Yuen Sing Mansion will be rebuilt into a residential development and can build up to 8 storey high even though the master plan allows it to be build up to 36 stoey high accordingly to 2019 master plan. The new development Gems Ville set to launch likely in end 2021 or early part of 2022.

However, with Geylang under the landing path for flight landing into Paya Lebar Airbase, the highest it can go remain at 8 storey until Paya Lebar Airbase were to move out. Therefore from the mid to long term, this site provides good investment value.

Still, with the existing transformation happening at Kallang Riverside and Indoor Stadium, this development will provide to be a worthy investment on a mid to long term basis. 

 

Former Yuen Sing Mansion New Condo Registration of Interest

---

** Do fill up the form below to register for preview and we will update and also email you the brochure once its available.