Margate Point relaunched for en bloc sale at a lower price of $36.5m

It can be redeveloped into an apartment with 24 units with an average size of 100 sqm.

Margate Point has been launched for its second en bloc sale attempt at a lower price of $36.5m from $38m back in May 2018, JLL revealed.

The 15-unit apartment has a land area of about 12,800 sqft and is zoned Residential with an allowable gross plot ratio (GPR) of 2.1 under the 2014 Master Plan.

According to JLL, the property may be redeveloped into a high-rise apartment project comprising a maximum of 24 units with an average size of 100 sqm per unit. Moreover, it could also be suitable as a serviced residence or as a co-living development depending on the approval from thea authorities.

“If approved for serviced apartments, the new development is estimated to be able to accommodate some 50 to 60 rooms which could be rented for a minimum seven-day stay,” JLL explained.

Around 70% of the owners have already consented to the reduced price which will make the property’s land rate about $1,362 psf ppr.

Margate Point is about 15 to 20 minutes from the Central Business District and the Changi Airport. Additionally, the upcoming Katong Park MRT station which is expected to be completed in 2023 is approximately 400 metres away from the property.

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!