The 7,859.9 sqft site comprises of a four-storey block consisting of 12 units.
Freehold site Le Arc Apartment, located at 6, Lorong 26 in Geylang has been put up for sale for $18.5m, an announcement by marketing consultant ERA Realty Network Singapore revealed.
Under the 2014 Master, the 7,859.9 sqft site is zoned ‘Residential’, with a gross plot ratio of 2.8 and an allowable height of eight storeys. The guide price translates to an estimated $847 psf ppr or $792 psf ppr inclusive of the 7% bonus balcony and development charges. Each unit is expected to receive a sale proceed of $1.6m to $1.8m from the sale.
According to Stanley Koo, division director of ERA Realty Network Singapore, more than 80% of the subsidiary proprietors of Le Arc Apartment agreed to sell the apartment collectively.
The apartment comprises of a four-storey block consisting of 12 units. Successful bidders can potentially build up to 22-25 apartments, ERA noted.
The tender will be closed on 8 May 2019 at 3:30 p.m.
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