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Singapore Property News

Margate Point, Holland Tower put up for en bloc sale

Margate Point, a 15-unit apartment development at Margate Road, has been put up for sale by tender in its maiden en bloc attempt at a minimum expected price of S$38 million.

Posted on 03-May-2018

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Margate Point, Holland Tower put up for en bloc sale

Margate Point, a 15-unit apartment development at Margate Road, has been put up for sale by tender in its maiden en bloc attempt at a minimum expected price of S$38 million.

To date, owners representing 14 out of the 15 apartments have already inked their consent to the collective sale.

Should the final owner's consent be obtained, the owners can bypass the Strata Titles Board application process and work towards legal completion taking place within three months of contract.

Located off Meyer Road and Mountbatten Road, Margate Point has a land area of about 12,800 sq ft and is zoned "residential" with an allowable gross plot ratio (GPR) of 2.1 under the 2014 Master Plan.

Subject to design and approval from the relevant authorities, the site may be redeveloped into a maximum of 35 apartments with an average size of 70 sq m per unit, said JLL.

Karamjit Singh, senior consultant at JLL, noted that Margate Road happens to be the dividing line that segregates the high-rise residential zone from the safeguarded two-storey landed estate.

When redeveloped, the new high-rise development at Margate Point's site will have unobstructed views across the Meyer Road and Goodman Road landed zones, until the low-rise residential areas in Joo Chiat, he said.

He cited the good views, its central Katong location and close proximity to a future MRT station as the main selling points.

Subject to confirmation on the property's development baseline, Margate Point's reserve price translates to a land rate of about S$1,417 per sq ft per plot ratio for redevelopment up to GPR 2.1 - before any bonus gross floor area for balconies.

Mr Singh described this as "reasonable" in view of the transacted prices and asking prices of other land parcels in the vicinity.

Separately, the owners of the 19-unit Holland Tower condominium near the Holland Village neighbourhood have put their site up for collective sale by tender with a reserve price of S$65 million.

The freehold site at 10 Holland Heights occupies a land area of about 21,871 sq ft, or 2,031.9 sq m. The tender closes on May 30 at 2pm.

The marketing agent, Singapore Realtor Inc, said that the site sits within a district zoned for good-class bungalows, but developers may redevelop the site to its current intensity subject to approval from the authorities.

Singapore Realtor said that the reserve price works out to S$1,489 per sq ft per plot ratio, which implies that the site has a maximum allowable built-up area of about 43,650 sq ft, or a plot ratio of about two times.

"Holland Tower offers the successful tenderer the opportunity to develop a unique product of exceptional quality with sweeping views over the luscious greenery," said Singapore Realtor's head of investment sales Andy Gan.

Recent sales in the upscale District 10 region include Olina Lodge at S$1,712 psf ppr, Tulip Garden at S$1,790 psf ppr and Hollandia at S$1,703 psf ppr.

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