Owners of Margate Point, a 15-unit apartment development off Meyer Road and Mountbatten Road, are attempting a second collective sale.

The owners are looking to lower their reserve price to $36.5 million ($1,362 psf per plot ratio), after an earlier asking price of $38 million failed to win any bids. So far, only 70% of the owners have given written consent to the revised reserve price.

Margate Point has a land area of 12,800 sq ft. It has an allowable gross plot ratio (GPR) of 2.1 under URA’s 2014 Master Plan.

The property can be redeveloped into a high-rise apartment with 24 units, each spanning 1,076 sq ft. It also has the potential to be a serviced residence or a co-living development, subject to approval from authorities, says JLL, marketing agent for the property.

Margate Point is a six-minute walk to the upcoming Katong Park MRT Station on the Thomson-East Coast Line, slated for completion in 2023.

The collective sale tender closes on March 11.