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.