La Ville at Tanjong Rhu up again for collective sale, price lowered to $148mil
The owners of La Ville on Tj Rhu are conducting their second try over a en bloc. The save figure with regards to the production has been decreased to $One hundred Forty Eight million, mentioned BT, indicating single marketing and advertising rep JLL.
The free rental production was actually earlier put up intended for collective transaction in June 2018, publishing a proposing deal of $1hundred 52 million. But unfortunately, the offer intended for the project was stalled as soon as the govt unveiled latest property calming solutions in July2018.
The Forty units high-rise building was actually built in the 1980s. It occupies a 47thousand 12 square foot plot zoned for Residential application under the 2019 Master Plan, with a permitted total PR of Two point One.
The Business Times documented in which the site can be rebuilt into 107 residence units, with an average sizing of 85 sq m.
La Ville’s minimal rate formulates to a ground price of $One thousand Four hundred Ninety Nine per sq ft ppr or about $1,439 psf ppr upon considering the added 7 % incentive total floor surface area including the comparable project rate.
Plus the upcoming Katong Park MRT Terminal on the Thomson-East Coast line merely a 2hundred 50 meter stroll distant, the building is generally close-by Gardens By the Bay, Katong Park and also coastlines on ECP.
That it is equally near a variety of features, suching as PP and also Kallang Wave, including F & B options found at Tanjung Rhu, East Coast Rd plus Old Airport Road FC.
Surrounding institutions include Kong Hwa Primary School, Canadian International School (Tj Katong) and even Dunman High School.
Tan H.B., Executive Director of Capital Markets in Jones Lang LaSalle, projects the site to appeal to thriving curiosity thanks to its desired home address and advantage. He similarly noted that currently there will be “no supply of home property spots within the Tanjong Rhu enclave”.
Tan included that the property development uses “compelling rebuilding option” with regards to “real estate investors looking out for medium dimensions prime residential projects”.
The tender for La Ville concludes on 30Nov.