The Freehold Albracca in Meyer Road. Depending on the unit size, each owner stands to get from “mid-$3 million to over $7 million. It is near future Katong Park MRT which is ready by 2023.
Home owners at The Albracca in Meyer Road are planning to take advantage of the hot aggregate collective sales, offering their property available to be purchased for about $62 million to $65 million.
Promoting operator JLL said the guide value works out to about $1,262 to $1,323 per sq ft per plot ratio for the 11-unit freehold development close to Tanjong Rhu.
The dispatch of this delicate yesterday came hot on the heels of four successful en bloc deals in these few months, with add up to deals esteems effectively crushing a year ago’s figure.
Apartment sizes at the 10-story The Albracca go from 1,658 sq ft to 3,972 sq ft, JLL disclosed to The Straits Times. Contingent upon the size, every proprietor stands to get from “mid-$3 million to over $7 million” from the deal, said JLL senior consultant Karamjit Singh.
“We anticipate that this site will be generally welcomed by developers, particularly in the light of the bullish offering seen at late land tenders,” he included.
JLL said the property’s prime area – close to Katong Park MRT station slated to be ready in 2023 – astounding perspectives and a low cost would likewise engage a wide pool of developers. The 23,400 sq ft Meyer Road site is zoned residential, with a reasonable gross plot proportion of 2.1 under the 2014 Master Plan.
Subject to significant endorsements, the site can conceivably be redeveloped into an elevated structure extend, lodging 65 apartments with a average size of 70 sq m or around 750 sq ft.
JLL said an application has been placed into the Urban Redevelopment Authority to decide the improvement charges payable for heightening the land utilize.
The four en bloc deals manages a consolidated estimation of $1.5 billion fixed in the previous months were: One Tree Hill Gardens in the prime District 9, mixed use development Goh and Goh Building and in addition previous HUDC estate Rio Casa and Eunosville.
Together they have trumped the three deals worth $1 billion accomplished for the entire of a year ago.
Investigators expect the collective sale activity to liven up further as more undertakings gone ahead the market, tapping the positive sentiment and developer’ strive after sites.
The tender will close on July 20.
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