SINGAPORE (THE BUSINESS TIMES) – Freehold property La Ville at Tanjong Rhu is up for collective sale again, with a reserve price of $148 million, said sole marketing agent JLL on Tuesday (Oct 26).
The property was previously launched for tender in June 2018 with an asking price of $152 million, but it was halted after the government announced property cooling measures in July that year.
This round, the owners – representing more than 80 per cent by total share value and by total floor area – have executed the collective sale agreement, and lowered their reserve price.
The 40-unit high-rise development, constructed in the 1980s, has a land area of 47,012 square feet (sq ft) and is zoned “residential” with an allowable gross plot ratio of 2.1 under the Urban Redevelopment Authority’s 2019 Master Plan.
The subject site can potentially be redeveloped into 107 residential units based on the minimum average size of 85 square metres.
Its minimum price reflects a unit land rate of $1,499 per sq ft per plot ratio (psf ppr). After factoring in an additional 7 per cent bonus gross floor area and the corresponding development charge, the unit land rate will be about $1,465 psf ppr.
JLL’s executive director of capital markets Tan Hong Boon expects strong interest in the site for its sought-after address and conveniences, given there is also “no supply of residential development sites in the Tanjong Rhu enclave”.
The development will be within a 250 m walk from the upcoming Katong Park MRT Station on the Thomson-East Coast line, and is also near Katong Park, beaches at East Coast Park and Gardens By the Bay.
Nearby amenities include Kallang Wave Mall and Parkway Parade, with food and beverage options at East Coast Road and Tanjong Rhu, and Old Airport Road Food Centres.
Schools in the vicinity include Dunman High School, Kong Hwa Primary School and Canadian International School (Tanjong Katong).
Tan added that this is a “compelling redevelopment opportunity” for “developers looking for mid-sized prime residential projects”.
The tender for La Ville closes on Nov 30 at 3 pm.
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