Margate Point, a freehold property in District 15 has relaunched their Collective Sale in 2019. It will be their second en bloc sale attempt.
JLL Singapore, the marketing agent which appointed for this collective sale said that around 70% of Margate Point owners have agreed to lower the reserve price.
The new reserve price will be S$36.5 million and the precious launch price was S$38 million back in 2018.
The Enbloc site is located at 2 Margate Road and has land size that measure 12,800 square feet. Under the URA 2014 Master Plan, the site is zoned for residential with gross plot ratio of 2.1
Base on the new reserve price, the land rate translates to S$1,362 psf ppr which is quite attractive to a freehold site.
The location of Margate Point is great as it holds numerous advantages. It is walking distance to much anticipated Katong Park MRT station, short drive to Central Business District and upcoming Jewel @ Changi.
Attractions places like Sports HUB, Gardens By the Bay and East Coast Park are also close by.
For redevelopment, the freehold site may develop into a high-rise apartment project that comprise of maximum of 24 units with an average size of 100 square metres in mind.
If approval from the authorities is granted, it may be use as serviced residence or as a co-living development.
If approval is granted for “serviced residence” use, the new developer can build around 50 to 60 rooms.
The CSC of Margate Point is very optimistic about this Collective Sale, they expected some offer from buyers for this attractive freehold site.
The tender for Margate Point will close on March 11, 2019 at 2.30pm.