SINGAPORE - Freehold property Le Arc Apartment off Geyland Road is up for collective sale again, with the owners now expecting a minimum offer of $18.5 million, marketing agent ERA Realty Network announced on Tuesday (April 23).
The price translates to around $847 per sq ft per plot ratio (psf ppr), or $792 psf ppr inclusive of the 7 per cent bonus balcony area and estimated development charges of $150,000.
If the sale en bloc goes through, each unit's owner is expected to take home sale proceeds of $1.6 million to $1.8 million.
Previously, the owners had expected higher offers in the range of $20-22 million during an October 2018 attempt en bloc for the property situated at 6 Lorong 26 Geylang.
The property sits on a 7,859.9 sq ft site zoned for residential use, with a gross plot ratio of 2.8 under the Urban Redevelopment Authority's (URA) 2014 Master Plan. It also has an allowable height of eight storeys, subject to URA confirmation.
Le Arc consists of a four-storey block with a total of 12 apartment units. The new development could potentially yield 22 to 25 apartment units.
The tender for the property closes on May 8 at 3.30pm.