Sustained Land buys The Albracca for $69 mil
By Angela Teo
/ The Edge Property |
Sustained Land has purchased The Albracca en bloc for $69.119 million. The price translates to $1,409 psf per plot ratio, inclusive of development charges, according to sole marketing agent JLL. This is the first time the 10-storey condominium block located along Meyer Road has been offered for en bloc sale.
The property received more than a dozen bids from a mix of developers, both large and boutique, as well as contractors and even a fund manager, according to Karamjit Singh, senior consultant at JLL.
Singh attributed the popularity of The Albracca’s site to its location, being just across the road from the upcoming Katong Park MRT station on the Thomson-East Coast Line. Meyer Road has traditionally been regarded as a prime location outside the traditional prime districts of 9, 10 and 11. Additionally, Meyer Road is close to the CBD and Changi International Airport.
Under the 2014 Master Plan, the 23,400 sq ft site on Meyer Road is zoned “Residential” and has a gross plot ratio of 2.1. The site can house a new 65-unit project with a gross floor area of 49,130 sq ft and up to a height of 18- to 24-storeys, subject to approval from the authorities.
JLL had launched The Albracca for collective sale on June 13, and the indicative price then was between $62 and $65 million. The recent sale of Albracca brings the total number of collective sales concluded this year to five with total sales of $1.57 billion, which is higher than the three for about $1 billion for the whole of last year.
Source: JLL
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