Green Court – Freehold Mixed-Use Redevelopment Opportunity along Geylang Road Launched for Sale by Tender
Knight Frank Singapore, representing the interests of the owners of Green Court via their collective sale committee, announced on July 16 the launch of the sale of Green Court by tender. Knight Frank Singapore is the exclusive marketing agent of the mixed-use redevelopment site situated along Geylang Road.
Located in the in the vicinity of the developing Paya Lebar Central, Green Court is expected to benefit greatly from the rejuvenation of the area, slated to be one of the upcoming alternative hubs to the Central Business District (CBD).
Mr Ian Loh, Head of Capital Markets for Land & Building, Collective & Strata Sales, Knight Frank Singapore, shares, “As one of the key areas identified for growth in commercial business and culture, Paya Lebar Central is part of URA’s decentralization strategy in providing alternatives for businesses to move away from the CBD and to create jobs closer to home.
“Given its proximity to the airport, many surrounding amenities and convenience to areas for relaxation and recreation, this bodes well for the live-work-play concept this generation seeks, and particularly in a time when the construct of a workplace is rapidly changing.”
Green Court is a freehold, three-storey commercial and residential development comprising three ground floor shops and six duplex walk-up apartments on the second level. It has a site area of 894.5 sq m (approx. 9,628 sq ft). The current development has a prominent frontage onto Geylang Road, with provisions for eight parking lots.
Under the Urban Redevelopment Authority’s (URA) 2019 Master Plan, the site is uniquely zoned part “Commercial” with a Gross Plot Ratio (GPR) of 3.0, as well as part “Residential” with a GPR of 2.8. This allows redevelopment potential to reach up to a combined maximum permissible Gross Floor Area (GFA) of approximately 28,216 sq ft.
The immediate vicinity is predominantly surrounded by commercial shophouses, apartments and hotels, and is close to retail malls and office buildings at Paya Lebar Central and the Tanjong Katong area.
The site boasts a short 10-minute drive to the Central Business District (CBD), Marina Bay and Tanjong Pagar. Major expressways close by such as the Pan-Island Expressway (PIE), Kallang-Paya Lebar Expressway (KPE), and East Coast Parkway (ECP) provide seamless connectivity to other parts of Singapore. Aljunied (EW9) and Dakota (CC8) MRT Stations are also located approximately 7 minutes’ and 10 minutes’ walk away respectively, providing ease and convenience in public transportation along both the East-West Line and Circle Line.
The owners are expecting offers above their reserve price of S$28 million. Including an additional development charge of approximately S$5.24 million payable to the authorities to maximise the GFA, this translates to a land rate of approximately S$1,178 psf ppr.
The tender for Green Court will close on 18 August 2020, Tuesday at 3.00 pm.
Geylang is a planning area and township located on the eastern fringe of the Central Region of Singapore, bordering Hougang and Toa Payoh in the north, Marine Parade in the south, Bedok in the east, and Kallang in the west.
Geylang is known perhaps most infamously as a red-light district, particularly the areas along Geylang Road. Geylang is also where one of Singapore’s oldest Malay settlements, Geylang Serai, is.
Grouped under the Central Region, Geylang Planning Area is bordered by Hougang and Toa Payoh in the north, Kallang in the west, Marine Parade in the south, and Bedok in the east. Beginning in the north and moving in a clockwise direction, the boundaries of Geylang are made up of MacPherson Road, Airport Road, Eunos Link, Jalan Eunos, Still Road, Koon Seng Road, Dunman Road, the Geylang River, Mountbatten Road, Sims Way, and the Pan Island Expressway (PIE).
Geylang New Town as defined by the Housing and Development Board (HDB) sits within the Geylang Planning Area.
The Geylang area is composed of north and south sections that are divided by Geylang Road which stretches for about three kilometres. Throughout the length of Geylang Road, there are lanes (or “lorongs” in the local Malay language) that extend perpendicularly from the main road. The lanes in the north are given odd numbered names (i.e. Lorong 1, Lorong 3, Lorong 5 and so on), and the lanes in the south are given even numbered names (i.e. Lorong 2, Lorong 4, Lorong 6 and so on).
Partly untouched by urban projects and developments and so far spared by the gentrification process that has changed the face of Singapore since the 1970s, Geylang’s combination of shophouse scenery and hectic day and night life, including foreign workers quarters and karaoke lounges provides an alternative view of elements the rest of modern Singapore generally does not have. Shophouses along Geylang Road are protected from redevelopment, and many restaurants have sprung up along this major road. Geylang is also known for its durian shops.
The following roads link Geylang with other parts of Singapore:
- Sims Avenue links Kallang, the city area, Chinatown, Bukit Merah and Queenstown to Geylang;
- Sims Avenue East is the eastern continuation of Sims Avenue and links Geylang to Bedok and Changi;
- Geylang Road links Geylang to Kallang, the city area, Chinatown, Bukit Merah and Queenstown;
- Guillemard Road connects Kallang and Geylang;
- Upper Aljunied Road connects the upcoming Bidadari estate with Geylang;
- Upper Paya Lebar Road links Geylang to Serangoon, Hougang and Ang Mo Kio;
- Airport Road connects Paya Lebar and Geylang;
- Changi Road connects Bedok to Geylang;
- Tanjong Katong Road links Geylang and Marine Parade;
- Still Road connects Geylang and Marine Parade;
- Joo Chiat Road links Geylang and Katong
The following expressways pass through Geylang:
- Pan Island Expressway (PIE) connects Geylang with Changi Airport, Tampines, Bedok, Kallang, Toa Payoh, Clementi, Jurong East, Jurong West and Tuas;
- Kallang-Paya Lebar Expressway (KPE) connects Geylang with Kallang, Hougang, Sengkang and Punggol.
Major roads within Geylang Planning Area include Aljunied Road, Kallang Way, Paya Lebar Road, Geylang East Central, Ubi Avenue 2 and Circuit Road.
There are eight Mass Rapid Transit (MRT) stations that serve Geylang Planning Area:
- EW7 Eunos
- EW8 CC9 Paya Lebar
- EW9 Aljunied
- CC7 Mountbatten
- CC8 Dakota
- CC10 DT26 MacPherson
- DT25 Mattar
- DT27 Ubi