The Albracca, a freehold residential development in the Katong area, has been put up for en bloc sale by tender, the first time that the property is being offered for collective sale, sole marketing agent JLL said on Tuesday (June 13).
More than 80 per cent of the owners of The Albracca, an 11-unit strata-titled development located at 1 Meyer Place, have inked their consent to collectively sell their property. They are hoping to achieve a sale price in the vicinity of S$62 million to S$65 million, JLL said. The launch of the tender comes shortly after four collective sales were successfully concluded last month, surpassing the total number of en bloc deals done in the whole of last year.
Under the 2014 Master Plan, the 23,400 sq ft site of The Albracca has an allowable gross plot ratio of 2.1, and it may be redeveloped into a high-rise apartment development of about 18 to 24 storeys, depending on the height controls imposed by some government departments. Subject to design and approval from the Urban Redevelopment Authority (URA), a developer may potentially configure the allowable gross floor area of 49,130 sq ft into a maximum of 65 apartments with an average size of just over 750 sq ft, JLL said.
The Albracca site even more compelling is the location of the upcoming Katong Park MRT Station right at its doorstep. This station is part of the Thomson-East Coast line slated to be ready some time in 2023. As part of the MRT plan, Katong Park station would be only five stops away from Raffles Place and Shenton Way. Aside from MRT connectivity, residents may also cycle to work in the CBD via the cycling track at the beach, as Singapore transitions into a car-light society