A 15-unit apartment development at Margate Road in Katong is making a second en-bloc sale attempt. About 70 per cent of owners of Margate Point have agreed to lower the reserve price to S$36.5 million from S$38 million, said marketing agent JLL on Wednesday.
Margate Point is located off Meyer Road and Mountbatten Road, and has a land area of about 12,800 square feet. It is zoned residential with an allowable gross plot ratio (GPR) of 2.1 under the Urban Redevelopment Authority's 2014 Master Plan.
The lower reserve price would translate to a land rate of around S$1,362 per square foot per plot ratio (psf ppr) for a redevelopment up to GPR of 2.1, said the property professional services firm.
According to JLL, the property may be redeveloped into a high-rise apartment project comprising a maximum of 24 units with an average size of 100 square metres per unit. It may also be suitable as a serviced residence or as a co-living development, subject to approval from the authorities. If it is approved for serviced apartments, the development will be able to accommodate an estimated 50 to 60 rooms.
"The collective sale committee is optimistic that should an offer be received for the property, they stand good chance of securing unanimous owners' consent to the sale," JLL said.
The tender for the property closes on March 11 at 2.30pm.