110-unit residential development to rise in Geylang

Developers recently bought properties on the freehold land at 31 to 51 Lorong 24.

Geylang can expect another residential development soon. KSH Holdings and Lian Beng are expecting to develop a block of eight-storey residential flats with around 110 units on the freehold land they acquired in Lorong 24, Geylang.

On 27 February, KSH Holdings’ and Lian Being Group’s co-owned subsidiary Development 24 completed its purchase of the properties on the freehold land at 31 to 51 Lorong 24, Geylang for $60m.

According to an announcement, the properties have a combined land area of 2,432 sqm. Development 24 also intends to develop a sky garden, swimming pool, and multi-storey carpark, subject to obtaining all the necessary approvals from the relevant authorities.

“No further payment of development charges by Development 24 is expected to be necessary for the proposed development,” the two companies said.

KSH Holdings owns 48% of Development 24, whilst Lian Beng owns 42% of the company.

Developers are scrambling to fatten up their landbanks in an attempt to ride on Singapore’s soaring property prices driven by a better economy, higher land cost, and higher housing demand. Private condo prices have surpassed their peaks in the first two months of 2018.