The residential properties are located along Geylang Road in District 14. The existing buildings consist of two-storey shophouses that remain on a combined land area of 10,520 sq ft.
The Reserve Residences are located near major education institutions
These include Methodist Girls’ School, Pei Hwa Primary School, and the Ngee Ann Polytechnic. Nearby attractions include the Botanic Gardens and the Singapore Institute of Management. The condo will also provide easy access to shopping, dining, and other amenities in the city. The development is also located close to public transport hubs and hospitals. Therefore, residents will be able to get to work, school, and the rest of town within minutes.
The concept tender for this project was launched by the Urban Redevelopment Authority (URA) on June 30, 2020. The land was part of the H1 2020 GLS, and its original deadline of March 30 was extended to June 29, 2021. The Reserve Residences concept tender follows a dual-envelope system, which requires bidders to submit a concept proposal and a full-scale proposal in separate envelopes. Only shortlisted concept proposals will proceed to the second stage.
The development will be close to Bukit Timah Nature Park and other key establishments in the vicinity. The Reserve Residences is within a one to two-kilometer radius of these landmarks. Residents will also have easy access to local institutions and transport nodes. This makes it an ideal place for families with school-aged children. The Far East Organisation has begun planning and designing the Reserve Residences.
A row of 7 shophouses at 284 to 296 Geylang Road are up for sale with a book cost of $50 million. The homes are being marketed in an expression of interest (EOI) workout that closes on June 18.
The sole marketing representatives for these buildings are PropNex Realty representatives Richard Tan, elderly associate team area supervisor, as well as Gracelynn Zhu, associate division director.
The residential or commercial properties lie along Geylang Road in District 14. According to the most recent master plan, all the residential properties are zoned under “industrial” with a gross story proportion of 3.0 and also comprise two-storey shophouses that remain on a consolidated acreage of 10,520 sq ft.
Based on the book price, the residential properties can fetch a land price of $4,752 psf, or $2,767 psf based upon the existing built-up floor location of 18,072 sq ft. The residential properties have actually likewise received provisionary preparation authorization to add attic spaces that might bring their complete gross floor location to 23,565 sq ft.
Commercial offerings in the bordering location consist of hardware, sanitaryware, as well as interior design companies, in addition to fitness centers, and co-working and co-living rooms. “Thus, this sales chance provides a low-risk, safe, as well as attractive redevelopment opportunity for the following owner with the possible to have consistent rental revenue,” says Tan.
Given its commercial zoning, the homes will certainly not incur any additional buyer’s stamp obligation or vendor’s stamp task, and can be acquired by foreigners as well as citizens.
