BAODE Building has been put up for collective sale again with an indicative price of S$27 million, said exclusive marketing agent Colliers on Monday (Dec 13).
The last collective sale attempt by the freehold 8-storey residential building was in July 2021, at the same indicative price of S$27 million. This translates into an estimated land rate of S$1,007 psf per plot ratio (psf ppr) or S$990 psf ppr, after factoring in a 7 per cent bonus balcony gross floor area, according to the latest press statement from Colliers.
Colliers declined to comment on the number of bids received for the first collective sales tender, which closed in August 2021.
According to data from the Urban Redevelopment Authority (URA) as of Dec 13, an apartment unit at Baode Building was sold for S$1,093 psf in April 2018.
Located at 8 Lorong 35 Geylang at the fringe of Singapore’s central business district, Baode Building houses 14 residential units and sits on a site area of 11,102 sq ft. It is zoned for residential or institutional use with a gross plot ratio of 2.8 and an allowable height of up to 8 storeys, under the URA Master Plan 2019.
The property is within the vicinity of Paya Lebar MRT Station, PLQ Mall, SingPost Centre and Paya Lebar Square. Kong Hwa School and Geylang Methodist Primary School are within a kilometre radius.
Pearl Lok, Colliers director of capital markets and investment services, said developers should capitalise on Baode Building’s strategic location in the bustling Paya Lebar precinct to tap into potential demand for new residential units from a growing working population.
The latest tender for Baode Building will close on Jan 18, 2022 at 3 pm.