La Ville, a high-rise freehold collective sale site, has just been relaunched for sale by tender by sole marketing agent, JLL.
La Ville was launched for tender in May this year at the asking price of $152 million and the tender closed on 19 June 2018 without a deal. The Collective Sale Committee then initiated to lower the reserve price to $140.6 million.
This was duly approved at the Extraordinary General Meeting, and owners who are supportive of lowering the reserve price started signing a Supplemental Agreement (SA) for lowering the reserve price. This process requires owners representing at least 80 per cent by total share value and by total floor area to approve. At this juncture, owners representing more than 70 per cent by total share value and by total floor area have executed the SA.
Constructed in the 1980’s, the 40-unit development has a land area of about 47,012 sq ft. It is zoned “Residential” with an allowable gross plot ratio (GPR) of 2.1 under the 2014 Master Plan with height control subject to relevant authorities’ approval. Pre-Application Feasibility Study (“PAFS”) on traffic impact is not required by LTA for redevelopment of this site.
The development is situated just 250m from the upcoming Katong Park MRT Station on the Thomson-East Coast (TEL) line, and about 10 and 15 minutes’ drive from the Central Business District and Changi Airport respectively. Katong Park and East Coast Park beach are also within walking distance.
The site is also close to shopping and recreational amenities at Kallang Wave Mall, Parkway Parade and various F&B choices at East Coast Road and Old Airport Road.
At the reserve price of S$152 million, the unit land rate is S$1,540 per sq ft per plot ratio (psf/pr) or S$1,466 psf/pr after factoring in the 10 per cent bonus balcony.
At the lower proposed reserve price of S$140.6 million, the unit land rate is about S$1,424 psf/pr or S$1,361 psf/pr after factoring in the 10 per cent bonus balcony and a corresponding estimated development charge of about S$7.2 million.
The tender for La Ville closes on Thursday, 8 November 2018, at 2.30 p.m.
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