Meyer Road condo offered for collective sale at $62m to $65m

The property being offered for collective sale is the 11-unit freehold development The Albracca in Meyer Road. Depending on the unit size, each owner stands to get from "mid-$3 million to over $7 million" from the sale, said Mr Karamjit Singh, senior
The property being offered for collective sale is the 11-unit freehold development The Albracca in Meyer Road. Depending on the unit size, each owner stands to get from "mid-$3 million to over $7 million" from the sale, said Mr Karamjit Singh, senior consultant of marketing agent JLL.PHOTO: JLL

Home owners at The Albracca in Meyer Road are hoping to cash in on the hot collective sale market, offering their property for sale for about $62 million to $65 million.

Marketing agent JLL said the guide price works out to about $1,262 to $1,323 per sq ft per plot ratio for the 11-unit freehold development near Tanjong Rhu.

The launch of this tender yesterday came hot on the heels of four successful en bloc deals in recent months, with total sales values already smashing last year's figure.

Apartment sizes at the 10-storey The Albracca range from 1,658 sq ft to 3,972 sq ft, JLL told The Straits Times. Depending on the size, each owner stands to get from "mid-$3 million to over $7 million" from the sale, said JLL senior consultant Karamjit Singh.

"We expect this site to be well-received by developers, especially in the light of the bullish bidding seen at recent land tenders," he added.

JLL said the property's prime location - near Katong Park MRT station slated to be ready in 2023 - excellent views and a low price would also appeal to a wide pool of developers. The 23,400 sq ft Meyer Road site is zoned residential, with an allowable gross plot ratio of 2.1 under the 2014 Master Plan.

Subject to relevant approvals, the site can potentially be redeveloped into a high-rise project, housing 65 apartments with an average size of 70 sq m or about 750 sq ft.

JLL said an application has been put in to the Urban Redevelopment Authority to determine the development charges payable for intensifying the land use.

The four en bloc deals with a combined value of $1.5 billion sealed in the past months were: 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.

Together they have trumped the three deals worth $1 billion done for the whole of last year.

Analysts expect the collective sale activity to perk up further as more projects come on the market, tapping the positive sentiment and developers' hunger for sites.

The tender will close on July 20.

Wong Siew Ying

A version of this article appeared in the print edition of The Straits Times on June 14, 2017, with the headline 'Meyer Road condo offered for collective sale at $62m to $65m'. Print Edition | Subscribe