La Ville in Tanjong Rhu re-launched for collective sale at $148 mil

By Felicia Tan / EdgeProp Singapore | October 26, 2021 12:59 PM SGT
The 40-unit development was built in 1987 by Tiong Lee Seng and has a land area of around 47,012 sq ft. Photo: JLL
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SINGAPORE (EDGEPROP) - La Ville, a freehold condominium along Tanjong Rhu Road, has been re-launched for collective sale by tender on Oct 26. The sale is managed by sole marketing agent, JLL.
This time, the owners have lowered their reserve price to $148 million, from the previous asking price of $152 million when it was launched for tender in June 2018. At the time, the sale was halted by the government’s announcement of the residential market cooling measures on July 5, 2018.
In this round, owners representing over 80% by total share value and by total floor area have executed the collective sale agreement.
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The 40-unit development was built in 1987 by Tiong Lee Seng and has a land area of around 47,012 sq ft. It is zoned for residential purposes with a gross plot ratio of 2.1 under the URA 2019 Master Plan.
The site can potentially be redeveloped into 107 residential units based on the minimum average size of 85 sqm (914.9 sq ft).
The development is located within walking distance to the upcoming Katong Park MRT Station on the Thomson-East Coast Line. The CBD and Changi Airport are within a 10- and 15-minute drive away respectively.
The site also enjoys close proximity to reputable schools such as Dunman High, Chung Cheng High, Kong Hwa Primary, the Canadian International School (Tanjong Katong) and Chatsworth International School (East).
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Shopping malls such as Parkway Parade and Kallang Wave Mall, as well as the Old Airport Food Centre, are nearby.
Tan Hong Boon, executive director, capital markets at JLL, says: “At the minimum price of $148 million, it reflects a unit land rate of approximately $1,499 psf ppr (psf per plot ratio). Factoring in an additional 7% bonus GFA (gross floor area) and the corresponding development charge, the unit land rate will be about $1,465 psf ppr. This is a compelling redevelopment opportunity not to be missed by developers looking for mid-sized prime residential projects.”.
The tender for La Ville closes at 3pm on Nov 30.
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