Geylang, Singapore's red-light district, is seeing an unprecedented number of events this year. A number of smaller developers in Geylang are considering en bloc sales as an option. East Asia Geylang Development recently bought the Yuen Sing Mansion freehold residence adjacent to Lorong 13 Geylang via a private deal.
The final price was S$15.2 million, which was lower than the initial estimate of S$17 million. Making it the first successful 2020 en bloc agreement. Yuen Sing's enbloc sales notice was made public by JLL's marketing firm in September of that year. There are nine flats in all in Yuen Sing, a four-story structure on a standard-sized land. Owners expected the property to generate more than S$17 million in 2018, which works out to roughly S$779 psf ppr at the time of the initial bid announcement.
In other words, the 10% balcony bonus brought the psf ppr down to S$753 when compared to the original S$750. S$1.24 million was expected to be the construction fee. A residential or institutional area is designated on this 7,868 square foot plot of land in the 2014 Urban Redevelopment Authority Master Plan. According to the freehold site's gross plot ratio of 2.8 and the allowed number of floor plans of 8, the height of the building must be at least 26 meters above sea level.
In 2018, the news media disseminated this information. It is now possible for developers to build at least 29 dwellings on 24,235 square feet of land, according to the most recent URA outline clearance issued. After the 2018 tender failed, the vendors' lawyer at CTLC Law Corp, Thomas Toh, indicated that they have started looking for purchasers, even though numerous corporations have begun to hear them out.
According to Mr. Toh, the owners were overjoyed that a buyer had been found this time. The deal was signed and sealed in July of the following year. There was a circuit breaker between April 7th and June 1st.
Huang Yanhong, a Singaporean, and Zhang Zhiming, a Chinese native, are the two primary owners of Asia Geylang Development, a real estate company.
