La Ville at Tanjong Rhu sits on a 47,012 sq ft site zoned for Residential use and is going for $148 million.
The owners of La Ville at Tanjung Rhu are making their second attempt at a collective sale. The reserve price for the development has been lowered to $148 million, reported The Business Times (BT), citing sole marketing agent JLL.
The freehold development was previously put up for en bloc sale in June 2018, carrying an asking price of $152 million. However, the tender for the property was halted after the government unveiled new property cooling measures in July 2018.
The 40-unit high-rise development was built in the 1980s. It occupies a 47,012 sq ft site zoned for Residential use under the 2019 Master Plan, with an allowable gross plot ratio of 2.1.
BT noted that the site could be redeveloped into 107 housing units, with an average size of 85 sq m.
La Ville’s minimum price works out to a land rate of $1,499 per sq ft per plot ratio (psf ppr) or about $1,439 psf ppr after factoring in the additional 7% bonus gross floor area (GFA) as well as the corresponding development charge.
With the upcoming Katong Park MRT Station on the Thomson-East Coast line just a 250 m walk away, the development is near Gardens By the Bay, Katong Park and beaches at East Coast Park.
It is also close to various amenities, including Parkway Parade and Kallang Wave, with food and beverage options at Tanjung Rhu, East Coast Road and Old Airport Road Food Centre.
Nearby schools include Kong Hwa Primary School, Canadian International School (Tanjong Katong) and Dunman High School.
Tan Hong Boon, Executive Director of Capital Markets at JLL, expects the site to attract robust interest due to its sought-after address and convenience. He also noted that there is “no supply of residential development sites in the Tanjong Rhu enclave”.
Tan added that the development offers “compelling redevelopment opportunity” for “developers looking for mid-sized prime residential projects”.
The tender for La Ville closes on 30 November.
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Cheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email: email@example.com.