The owners of Le Arc Apartment, a 12-apartment unit residential site located at 6, Lorong 26 Geylang have put up the property for en bloc sale.
The owners expect to receive $20 million to $22 million from this sale. As per this reserve price, the rate of land would come to $915.59 psf ppr.
This would further drop to $832.35 psf ppr if the balcony bonus area of 10% is factored in along with the payable development charges which have been estimated at $150,000.
The owners would pocket between $1.6 million and $1.8 million if this freehold property successfully finds a buyer in these times of uncertainty in the market.
Taking into account, the Le Arc Apartment’s 2.8 plot ratio, the 7,859.9 sq ft site can be developed into a condo with maximum permissible height of 8 storeys. As per the Master Plan of 2014 this site falls under the Residential Zone.
The location is attractive as it is close to Dakota and Aljunied MRT Stations. The site is also just about one kilometre from the Geylang Methodist School and Kong Hwa School
ERA Realty Network has been hired as the marketing agents for the sale and said that the site could be converted into a residential development that can have between 23 and 30 units.
The tender for this site shall close on the 7th of November.