La Ville is a freehold condominium located along Tanjong Rhu Road. It was relaunched on October 26 for collective sale by tender. JLL is the sole agent for the sale.
The owners have now lowered the reserve price to $148million from $152 million at the time it was open for tender in June 2018. The government announced cooling measures for residential markets on July 5, 2018, and the sale was stopped.
Belgravia Ace Ang Mo Kio review seamless improvement consists of 107 strata terrace units, 104 semi-detached and three terraces.
The collective sale agreement was executed by owners representing more than 80% of total share value as well as total floor area.
Built in 1987 by Tiong Lee Seng, the 40-unit development has a total area of 47,012 square feet. It has a gross plot ratio (under the URA 2019 Master Plan) of 2.1 and is zoned residentially.
Based on a minimum 85 square meter (914.9 sq feet) site area, 107 units could be developed.
Walking distance from the development is the Katong Park MRT Station, which will be built on the Thomson-East Coast Line. Both the CBD and Changi Airport can be reached in a 10 and 15 minute drive, respectively.
It is also close to many reputable schools, such as Dunman High and Chung Cheng High. Kong Hwa Primary, Chatsworth International School East, Canadian International School Tanjong Katong, Kong Hwa Primary.
Nearby shopping centers include Kallang Wave Mall and Parkway Parade, as well the Old Airport Food Centre.
Tan Hong Boon is the executive director of capital markets at JLL. He says that at $148 million it represents a unit land price of $1,499 per square foot (psf/plot ratio) The unit land rate will rise to $1,465 per ft if you add a 7% bonus GFA (gross Floor Area) and the associated development charge.
Developers looking for prime residential projects of mid-size size should not miss this compelling redevelopment opportunity.”
La Ville tender closes on November 30th at 3pm.