Le Arc Apartment, a freehold development which located @ 6, Lorong 26 Geylang has relaunched for collective sale again.
ERA Realty Network, the sole marketing agent for this sale announced that the owners have set the reserve price at S$18.5 million.
Base on the Price, the land rate translates to S$847 psf ppr and if includes the 7% bonus balcony area, the rate will down to S$792 psf ppr. Buyer has to pay development charges of S$150,000 for this freehold site.
Upon successful sale, each happy owner will stand to receive around S$1.6 million to S$1.8 million as sale proceeds.
The attractive freehold site is located close proximity to Aljunied MRT and Dakota MRT Stations and beside that Geylang Methodist and Kong Hwa School is within 1km range.
In October 2018 last year, the site was launch for collective sale at 1st attempt with a price range of S$20-22 million which attracts no buyers.
Under the URA 2014 Master Plan, the freehold site enjoys a gross plot ratio of 2.8 and its zone for residential use only. The freehold property covers an area of 7,859.9 sq ft.
Le Arc is a 4-storey development which comprise a total of 12 residential units and if redeveloped the site could potentially yield 22 to 25 apartment units according to ERA Realty.
The public tender for this freehold property will close on May 8, 2019 at 3.30pm.