Freehold residential site at Lorong 32 Geylang sold for $12.25 mil
A freehold residential site located at 27 Lorong 32 Geylang has been sold for $12.25 million. The site has a land area of 6,835 sq ft and a plot ratio of 2.8.
The buyer is Primest Land V1, which is 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.
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 a piece of District 14 land through Primest Land V1.
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, a 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. Incidentally, Victory Land is the developer of the boutique residential development, the 25-unit freehold Enchante on Evelyn Road, off Newton Road in prime District 11.
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.