Owners of a 15-unit apartment development in Margate Road in Katong are making a second collective sale attempt, 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 yesterday.
Margate Point is 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 Master Plan 2014.
The lower reserve price would translate to a land rate of around $1,362 per square foot per plot ratio for a redevelopment up to GPR of 2.1, said the property professional services firm.
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, according to JLL.
It may also be suitable as a serviced residence or as a co-living development, subject to approval from the authorities.
If approval is given for serviced apartments, the development will be able to accommodate about 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 for the sale," JLL said.