Margate Point is an apartment just a few minutes’ walk from the anticipated Katong Park MRT station and it is also close to the Parkland Golf Driving Range.
It comprises 15 units, and owners of 14 of them have consented to the proposal to sell the 20-yr old property collectively.
The public tender, which indicates an asking price of S$38 million, closes on June 6, 2018.
This is the first time Margate Point has been put up for en bloc sale, and if the remaining unit owner accedes to the proposed sale, the whole sales process could take a mere three months because there will be no need to seek authority from the Strata Titles Board.
This information was provided by JLL, the property marketing agent, on May 2.
The Margate Point site, which is along Margate Road, and which has formerly been zoned residential, is around 12,800 sq ft in size, and its allowable gross plot ratio is 2.1.
According to JLL, the new developer can construct up to 35 new units, each being 753.5 sq ft in average size, this, of course, being subject to approval by the authorities concerned.
According to JLL’s senior consultant, Mr. Karamjit Singh, Margate Road, along which the Margate Point property stands, is the dividing line between the area with high-rise buildings and the one dominated by two-storey landed houses.
As such, residents at the site’s new development will be able to enjoy an obstructed view of the area, including the Meyer Road and Goodman Road zones, as well as the Joo Chiat residential areas.
Other attractions include the centrality of the site within Katong and the fact that there is an anticipated MRT station in the vicinity.
Interested developers will also find the land rate reasonable compared to rates of other properties in the area that have recently been sold en bloc.
For Margate Point, based on the asking price, the land rate calculates to around S$1,417 psf ppr, without factoring in any additional balcony area.