SINGAPORE - Owners of a 15-unit apartment development in Margate Road in Katong are making a second attempt for a sale en bloc with a move towards lowering their reserve price.
About 70 per cent of the owners have agreed to cutting the reserve price to $36.5 million from $38 million, said marketing agent JLL on Wednesday (Feb 13).
Margate Point is located off Meyer Road and Mountbatten Road, and has a land area of about 12,800 sq ft. It is zoned residential with an allowable gross plot ratio (GPR) of 2.1 under the Urban Redevelopment Authority's 2014 Master Plan.
The lower reserve price would translate to a land rate of around $1,362 per sq ft per plot ratio (psf ppr) for a redevelopment up to GPR of 2.1, said the property professional services firm.
According to JLL, the property may be redeveloped into a high-rise apartment project comprising a maximum of 24 units with an average size of 100 sq m per unit. It may also be suitable as a serviced residence or as a co-living development, subject to approval from the authorities. If it is approved for serviced apartments, the development will be able to accommodate an estimated 50 to 60 rooms.
"The collective sale committee is optimistic that should an offer be received for the property, they stand a good chance of securing unanimous owners' consent to the sale," JLL said.