Singapore collective sale upswing rolls on with Meyer Road condo sold for $69.1m

The Albracca condominium in Meyer Road has been collectively sold for $69.12 million to developer Sustained Land. PHOTO: JLL
The Albracca condominium in Meyer Road has been collectively sold for $69.12 million to developer Sustained Land. PHOTO: JLL

SINGAPORE - The Albracca condominium in Meyer Road has been collectively sold for $69.12 million to developer Sustained Land - the fifth successful en-bloc deal done this year, as the resurgence in the market continues.

The price works out to $1,409 psf per plot ratio inclusive of development charges payable to intensify the land use, marketing agent JLL said on Thursday (July 20) after the tender closed.

JLL noted that the selling price was above the $62 million to $65 million range the owners had asked for.

The freehold development near Tanjong Rhu comprises apartment sizes ranging from 1,658 sq ft to 3,972 sq ft.

"The Albracca's tender response was strong with more than a dozen bids received from developers of all sizes - from large to boutique developers, contractors and a fund manager," says Mr Karamjit Singh, senior consultant at JLL.

JLL told The Straits Times that each owner stands to pocket "slightly under S$4 million to S$7 million plus" from the sale, depending on the size of their property.

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.

The hot collective sale market is powering ahead amid more positive sentiment and developers' hunger for sites.

Four en bloc deals have been done in recent months: 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.

Including The Albracca, the total value of collective sale transactions has hit about $1.58 billion so far this year - trumping the three deals worth $1 billion done for the whole of 2016.