,Singapore

15-unit Margate Point apartment up for en bloc sale at $38m

The site can yield 35 units with 70 sqm average size each.

Fourteen of the 15 owners of apartment Margate Point in Margate Road have collectively put their property up for sale by tender at $38m in their first en bloc attempt, JLL announced.

According to a press release, the site is located off Meyer Road and Mountbatten Road and has a land area of about 12,800 sqft. The site may be redeveloped into a maximum of 35 apartments with an average size of 70 sqm per unit.

This part of District 15 is also near the Central Business District, Changi Airport, and the beach. JLL senior consultant Karamjit Singh noted that Margate Road is the dividing line that segregates the high-rise residential zone from the safeguarded 2-storey landed estate.

“When redeveloped, the new high-rise development at Margate Point's site would stand to enjoy excellent, unobstructed views across the vast Meyer Road and Goodman Road landed zones, until the low-rise residential areas in Joo Chiat,” he said.

Singh added that the site offers redevelopment propositions for boutique developers and contractors, particularly if they have found themselves priced out of the market due to the high investment quantum needed for the larger private and government sites.

"Further, this property may also appeal to institutional investors or families looking to acquire a complete residential development to hold as a long-term investment to hedge against the rising property prices in this area. The existing typical apartment size of 1,280 sqft makes it quite rentable," he said.

The tender for Margate Point closes on 6 June 2018 at 2:30 p.m.

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