A city fringe freehold redevelopment site at 51 Lorong 21 Geylang has been put up for sale with a $23 million asking price, or $599 per square foot per plot ratio.
Located 350 metres from Aljunied MRT station, the single-ownership property occupies a regular plot with a site area of 15,364 square feet (sq ft). The site has a gross plot ratio of 2.5, which means it can be redeveloped at a maximum gross floor area of 38,410 sq ft.
Under the Urban Redevelopment Authority's Master Plan 2014, the land is zoned for "business 1" use. No development charge is payable.
Edmund Tie & Company is the sole marketing agent for the tender exercise, which will close on May 28, 2019 at 3pm.