The Albracca (below), a 10-storey residential development on Meyer Road, has been put up for en bloc sale by tender. The asking price, before potential development charges payable, is between $62 and $65 million, which works out to $1,262 to $1,323 psf ppr. This is the first time The Albracca has been put up for collective sale, says JLL, the appointed sole marketing agent for the property.

The 11-unit strata-titled development is located at the corner of Meyer Road and Meyer Place. Under the 2014 Master Plan, the 23,400 sq ft site is zoned “Residential” and has a permissible gross plot ratio of 2.1. The Meyer Road area is widely regarded as a prime location outside the Core Central Region and is popular among high-net-worth buyers. But sites in the area are rarely available for sale, says JLL.

According to JLL, the site could be redeveloped into a high-rise residential development of 18 to 24 floors, subject to the technical height controls imposed by the government. As such, developers, should they receive approval from URA, could consider transforming the GFA of 49,130 sq ft into 65 apartments, or less, with an average size of 753 sq ft. The tender exercise for The Albracca closes on July 20.

Source: JLL