Majority of the owners agreed to lower the reserve price of the Katong property from $38 million to $36.5 million. Situated off Meyer Road and Mountbatten Road, Margate Point sits on a 12,800 sq ft site zoned residential under the 2014 Master Plan with a GPR of 2.1. (Photo: JLL)
The owners of Margate Point, a 15-unit residential development along Margate Road in Katong, are making a second attempt at an en bloc sale, with 70 percent of them agreeing to lower the reserve price from $38 million to $36.5 million, revealed marketing agent JLL.
The lower reserve price would translate to a land rate of around $1,362 psf per plot ratio for a development of up to the allowable gross plot ratio (GPR) of 2.1.
Situated off Meyer Road and Mountbatten Road, Margate Point sits on a 12,800 sq ft site zoned residential under the 2014 Master Plan with a GPR of 2.1.
The property could be redeveloped into a high-rise residential project with up to 204 units averaging 100 sq m each. It is also suitable as a serviced residence or a co-living development, subject to the authorities’ approval. If approved for serviced residences, the new development could accommodate around 50 to 60 rooms.
“Purchasers who wish to develop an entire building for co-living spaces or short-term accommodation should find Margate Point’s location, project size and price quantum attractive,” noted JLL.
About 400m away from the upcoming Katong Park MRT station, which is slated to be completed in 2023, Margate Point is 15 to 20 minutes away from Changi Airport and the central business district.
“The collective sale committee is optimistic that should an offer be received for the property, they stand a good chance of securing unanimous owners’ consent to the sale,” noted JLL.
The tender for Margate Point will close on 11 March.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email email@example.com