SINGAPORE – Freehold property Le Arc Apartment off Geyland Road is up for collective sale again, with the owners now expecting a minimum offer of $18.5 million, marketing agent ERA Realty Network announced on Tuesday (April 23).
The price translates to around $847 per square foot per plot ratio (psf ppr), or $792 psf ppr inclusive of the 7 per cent bonus balcony area and estimated development charges of $150,000.
If the en bloc goes through, each unit’s owner is expected to take home sale proceeds of $1.6 million to $1.8 million.
Previously, the owners had expected higher offers in the range of $20-22 million during an October 2018 en bloc attempt for the property situated at 6, Lorong 26 Geylang.
The property sits on a 7,859.9 sq ft site zoned for residential use, with a gross plot ratio of 2.8 under the Urban Redevelopment Authority’s (URA) 2014 Master Plan. It also has an allowable height of 8 storeys, subject to URA confirmation.
Le Arc consists of a four-storey block with a total of 12 apartment units. The new development could potentially yield 22 to 25 apartment units.
The tender for the property closes on May 8 at 3.30pm.