SINGAPORE – The Albracca condominium in Meyer Road had received a strong response with more than 12 developers bids. It has been collectively sold for $69.12 million to developer Sustained Land – this mark the fifth successful en-bloc deal done this year.
The value works out to $1,409 psf per plot ratio inclusive of development charges payable to intensify the land use, marketing agent JLL said on Thursday (July 20) after the tender closed.
JLL noted that the selling price was above the $62 million to $65 million range the owners had asked for.
The freehold development near Tanjong Rhu comprises apartment sizes ranging from 1,658 sq ft to 3,972 sq ft.
Each owner stands to receive “about S$4 million to S$7 million plus” from the sale, depending on the size of their property.
The 23,400 sq ft Meyer Road site is zoned residential, with an permissible gross plot ratio of 2.1 under the 2014 Master Plan.
The hot collective sale market is powering ahead amid more positive sentiment and developers’ hunger for sites.
Four en bloc deals have been done lately: One Tree Hill Gardens in the prime District 9, mixed-use development Goh & Goh Building as well as former HUDC estates Rio Casa and Eunosville.
Including The Albracca,he aggregate estimation of aggregate deal exchanges transaction has hit about $1.58 billion so far this year – trumping the three deals worth $1 billion done for the whole of 2016.
WhatsApp us