Margate Point, a 12,800 sq ft, 15-unit apartment development on Margate Road, has been launched for its first collective sale with an asking price of $38 million, according to sole marketing agent JLL.

Owners representing 14 of the 15 units have already inked their consent. There is a high chance of getting 100% consent, notes Karamjit Singh, senior consultant at JLL.

With full consent, the owners can bypass the Strata Titles Board application process and work towards legal completion taking place within three months of contract.

Located off Meyer Road and Mountbatten Road, Margate Point is zoned “residential” with an allowable gross plot ratio (GPR) of 2.1 under the 2014 Master Plan. The site may be redeveloped into a maximum of 35 apartments with an average size of 70 sq m each, subject to design and approval from the relevant authorities.

Also subject to confirmation on the property’s development baseline, Margate Point’s reserve price translates into a land rate of $1,417 psf per plot ratio (ppr), excluding the bonus gross floor area (GFA) for balconies.

According to JLL, the current apartment size of 1,280 sq ft makes it rentable. The development can also be held as a long-term investment by institutional investors to hedge against rising property prices in the area.

The collective sale tender will close on June 6.

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