La Ville is once again up for collective sale for $152m as no bids were received when its tender closed on 19 July, JLL revealed.
With a land area of 47,012 sq ft, the freehold development is home to 40 units. It is zoned “residential” with an allowable gross plot ratio (GPR) of 2.1 under the 2014 Master Plan with height control subject to relevant authorities’ approval.
The development enjoys excellent conveniences and accessibility as the upcoming Katong Park MRT Station on the Thomson-East Coast (TEL) line is just a mere 250m away. Meanwhile, the Central Business District (CBD) and Changi Airport are just about 10 and 15 minutes’ drive away, respectively via the East Coast Parkway.
Also within close proximity are shopping and recreational amenities including Kallang Wave Mall, Parkway Parade and the Singapore Sports Hub, amongst others.
With its reserve price, the property sees a unit land rate of $1,540 per sq ft ppr after factoring in the 10% bonus balcony.
“During the ensuing private treaty period after tender, JLL continued with negotiations with interested parties, but was halted by the government announcement of the latest round of residential market cooling measures on 5 July 2018,” the property firm explained.
According to JLL, the Collective Sale Committee (CSC) initiated a proposal to the owners to drop the reserve price to $140.6 million.
“This was duly approved at the EGM, and owners who are supportive of lowering the reserve price started signing a supplemental agreement for lowering the reserve price,” JLL explained. “This process requires owners representing at least 80% by total share value and by total floor area to approve.”
At present, owners representing more than 70 per cent by total share value and by total floor area have executed the SA.
At the lower proposed reserve price of $140.6m, the unit land rate will fall to about $1,424 psf ppr or $1,361 psf ppr after factoring in the 10% bonus balcony and a corresponding estimated development charge of about $7.2m.
According to JLL, a Pre-Application Feasibility Study (PAFS) on traffic impact is not required by LTA for the site redevelopment.