The owners are expecting offers in the range of $62 million to $65 million. (Photo: JLL)
An en-bloc tender exercise has been launched for The Albracca, a 10-storey apartment along Meyer Road which was completed in 1990, revealed sole marketing agent JLL.
This is the first time that the 11-unit strata-titled development is being offered for sale collectively.
More than 80 percent of the owners agreed to sell the property, which sits on a 23,400 sq ft site at the corner of Meyer Road and Meyer Place. The upcoming Katong Park MRT station on the Thomson-East Coast line is right at its doorstep, while Katong Park and the sea are also nearby.
The owners are expecting to achieve a sale price of about $62 million to $65 million. If no development charge is payable, this works out to $1,262 to $1,323 psf per plot ratio.
“It is not often that a site on Meyer Road is made available for sale,” said Karamjit Singh, Senior Consultant at JLL. “The main supply of sites in this area typically arises from a collective sale of the older developments.”
He added: “We expect this site to be well-received by developers, especially in light of the bullish bidding seen at recent land tenders.”
The site is zoned residential with an allowable gross plot ratio of 2.1 under the 2014 Master Plan. It may be redeveloped into a high-rise apartment of about 18 to 24 storeys, depending on the height restrictions imposed by the government.
A developer may potentially configure the allowable gross floor area of 49,130 sq ft into a maximum of 65 apartments with an average size of 753 sq ft.
The tender for The Albracca closes on 20 July.
This latest launch comes shortly after four collective sales were successfully concluded last month, surpassing the three en-bloc deals done for the whole of last year.
They include the sale of Eunosville near Eunos MRT station for a whopping $765.78 million, Goh & Goh Building in Upper Bukit Timah Road for $101.5 million, Rio Casa in Hougang for $575 million, and One Tree Hill Gardens off Orchard Boulevard for $65 million.
“These are classic signs of a brewing en-bloc sale cycle, which started last year, expected to grow in activity this year, and possibly mature in 2018. Activity is picking up pace with the positive turning of the outlook of the residential market,” noted Singh.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
