SINGAPORE - Margate Point, a 15-unit apartment development in Margate Road, has been put up for sale by tender in its maiden collective sale attempt at a minimum expected price of S$38 million.
To date, owners representing 14 out of 15 of the apartments have already inked their consent to the collective sale, said marketing agent JLL on Wednesday (May 2).
Should the last unit's consent be obtained, the owners can bypass the Strata Titles Board application process and work towards legal completion taking place within three months of contract.
Located off Meyer Road and Mountbatten Road, Margate Point has a land area of about 12,800 sq ft and is zoned "residential", with an allowable gross plot ratio (GPR) of 2.1 under the 2014 Master Plan.
Subject to design and approval from the authorities, the site may be redeveloped into a maximum of 35 apartments with an average size of 70 sq m per unit, said JLL.
Karamjit Singh, senior consultant at JLL, said: "Margate Road happens to be the dividing line that segregates the high-rise residential zone from the safeguarded two-storey landed estate.
"When redeveloped, the new high-rise development at Margate Point's site would stand to enjoy excellent, unobstructed views across the vast Meyer Road and Goodman Road landed zones, until the low-rise residential areas in Joo Chiat. The stunning views, combined with its central Katong location and its close proximity to a future MRT station, would be sought-after selling points."
He added that subject to confirmation on the property's development baseline, Margate Point's reserve price translates to a land rate of about S$1,417 per sq ft per plot ratio for a redevelopment up to GPR 2.1 - before any bonus gross floor area for balconies - which is "reasonable", in view of the transacted prices and asking prices of other land parcels in the vicinity.