La Ville at Tanjong Rhu up again for collective sale, price lowered to $148mil
The proprietors of La Ville on Tj Rhu are undoubtedly conducting their second effort at a en bloc. The save deal for the property has already been lowered to $1hundred 48 million, disclosed The Business Times, referring to single marketing and advertising representative JLL.
The free rental project was actually previously set up to get cumulative deal in June’18, carrying a proposing value of $One hundred Fifty Two mil. Then again, the offer with regards to the property got suspended upon the govt introduced updated residential property calming strategies in Jul2K18.
The Forty units skyscraper property was constructed in the 1980s. It inhabits a 47,012 sq foot site sector intended for Residence purpose under the 2K19 Master Plan, with an allowable total PR of 2.1.
The Business Times indicated that the location can be redeveloped into One hundred Seven apartment units, alongside a median sizing of Eighty Five sq meter.
La Ville’s minimum rate formulates to a property figure of $1thousand 4hundred 99 psf ppr or nearly $1,439 psf per PR when counting in the extra Seven % bonus offer gross floor surface area including the comparable property cost.
Plus the coming Katong Park Mass Rapid Transit Terminal on the TEL only a 2hundred 50 meter stroll off, the development is in close proximity to Gardens By the Bay, Katong Park and also beaches on ECP.
That it is additionally near various conveniences, suching as Parkway Parade plus Kallang Wave, with food and beverage options at Tanjung Rhu, East Coast Rd and also Old Airport Road FC.
Convenient colleges such as Kong Hwa Primary School, CIS (Tanjong Katong) including DHS.
Tan H.B., Exec Director of Capital Markets over at JLL, foresees the plot to bring in thriving interest thanks to its desired location and also benefit. Tan similarly noted in which presently there will be “absolutely no supply of non commercial property sites within the Tj Rhu enclave”.
Tan further mentioned in which the building provides “engaging redevelopment possibilities” with regards to “construtors looking for mid-sized prime non commercial projects”.
The tender with regards to La Ville closes on 30 November.