The 10-storey apartment at Meyer Road was completed in 1990 and comprises 11 units. (Photo: JLL)
The Albracca apartment at Meyer Road has been sold in a collective sale to property developer Sustained Land for $69.119 million, revealed marketing agent JLL.
The price works out to $1,409 psf per plot ratio inclusive of development charges, and is higher than the owners’ guide price of $62 million to $65 million during the tender which closed on Thursday (20 July).
Completed in 1990, the 10-storey strata-titled development comprises 11 apartments. This is the first time that the property was offered for sale collectively, with more than 80 percent of the owners consenting to the deal.
“The Albracca’s tender response was strong with over a dozen bids received from developers of all sizes – from large to boutique developers, contractors and a fund manager,” said Karamjit Singh, Senior Consultant at JLL.
He added: “Clearly, there is an increasing convergence of views amongst developers that the down cycle, which lasted over four years, has turned a corner, and that it’s time to be back.”
The 23,400 sq ft site is zoned residential with an allowable gross plot ratio of 2.1. It could be redeveloped into an 18 to 24-storey apartment, depending on height restrictions imposed by the government.
Sustained Land could potentially configure the allowable gross floor area of 49,130 sq ft into a maximum of 65 units with an average size of 753 sq ft.
The future Katong Park MRT station on the Thomson-East Coast line is right at its doorstep, while Katong Park and the sea are also nearby.