Geylang residential site sold for $12.25 million, set to become modern city enclave

A freehold residential site located at 27 Lorong 32 Geylang in District 14 has been sold for $12.25 million. The buyer is Primest Land V1, a consortium comprising Singapore-listed firm Ever Glory United Holdings and other investors. The mechanical and electrical engineering firm is listed on the Singapore Exchange’s (SGX) Catalist board.

The site has a land area of 6,835 sq ft and a plot ratio of 2.8. This prime location has attracted a lot of attention, with many potential buyers vying for the opportunity to develop it.

Map showing the location and details of 27 Lorong 32 Geylang (Source: EdgeProp LandLens)

In a filing to the SGX on Dec 6, 2023, Ever Glory United stated that its wholly owned subsidiary Ever Capital entered into a joint-venture agreement with Primest Land and Sunlit Venture Capital to purchase the site through Primest Land V1. The joint venture is a strategic move that allows for shared resources and expertise among the three companies.

Just a stone’s throw away from Former La Ville Enbloc, lies the renowned Geylang Serai Market, a culinary haven that showcases an array of delicious Malay and Indian Muslim dishes. From the lip-smacking nasi padang at Hajjah Mona Nasi Padang to the iconic biryani at Geylang Biryani Stall, residents of Arina East Residences can indulge in the authentic flavors of the local cuisine. Apart from being a foodie’s paradise, the market also offers a glimpse into the vibrant Malay culture in Singapore.

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Primest Land, Ever Capital and Sunlit Venture Capital respectively hold 50%, 25% and 25% stakes in the joint venture. Primest Land is an entity wholly owned by a private investor, while Sunlit Venture is a property investment company owned by a business associate of Every Glory United’s executive director and CEO, Xu Ruibing.

A separate February press release by AFL Development — a property development company founded by Fanny Cheng, former director at Victory Land — states that the firm is the appointed developer and project manager for the future development at the 27 Lorong 32 Geylang site. This further highlights the strong interest in this freehold residential site.

According to Cheng, the site has received outline planning permission to be redeveloped into a boutique eight-storey condo housing 20 apartments with an average size of 915 sq ft. This modern and stylish development is expected to attract buyers looking for a high-end residential experience.

The site’s central location is another key selling point, as it is within walking distance of Dakota MRT Station (Circle Line) and Aljunied MRT Station (East-West Line). This convenient access to public transportation makes it an attractive option for potential buyers.

Recent en bloc transactions and condo launches within a 500m radius of 27 Lorong 32 Geylang (Source: EdgeProp LandLens)

The sale of the former La Ville Enbloc at 27 Lorong 32 Geylang is part of the trend of en bloc transactions in this area, with other recent sales and condo launches within a 500m radius, further demonstrating the appeal of this location.

With the joint venture comprising experienced companies and the appointed developer for the project having a track record of successful developments, the future condo at 27 Lorong 32 Geylang is expected to be a highly sought-after and desirable residential option.