{"id":103971,"date":"2019-02-14T11:30:50","date_gmt":"2019-02-14T04:30:50","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/margate-point-makes-another-collective-sale-attempt\/"},"modified":"2019-02-14T12:02:58","modified_gmt":"2019-02-14T05:02:58","slug":"margate-point-makes-another-collective-sale-attempt","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/margate-point-makes-another-collective-sale-attempt\/","title":{"rendered":"Margate Point makes another collective sale attempt"},"content":{"rendered":"


\nMajority of the owners agreed to lower the reserve price of the Katong property from $38 million to $36.5 million. (Photo: JLL)
\nThe owners of Margate Point, a 15-unit residential development along Margate Road in Katong, are making a second attempt at an en bloc sale, with 70 percent of them agreeing to lower the reserve price from $38 million to $36.5 million, revealed marketing agent JLL.
\nThe lower reserve price would translate to a land rate of around $1,362 psf per plot ratio for a development of up to the allowable gross plot ratio (GPR) of 2.1.
\nMore:\u00a0Over 30 En Bloc Sites Fail To Secure Buyers
\nSituated off Meyer Road and Mountbatten Road, Margate Point sits on a 12,800 sq ft site zoned residential under the 2014 Master Plan with a GPR of 2.1.
\nThe property could be redeveloped into a high-rise residential project with up to 204 units averaging 100 sq m each. It is also suitable as a serviced residence or a co-living development, subject to the authorities\u2019 approval. If approved for serviced residences, the new development could accommodate around 50 to 60 rooms.
\n\u201cPurchasers who wish to develop an entire building for co-living spaces or short-term accommodation should find Margate Point\u2019s location, project size and price quantum attractive,\u201d noted JLL.
\nAbout 400m away from the upcoming Katong Park MRT station, which is slated to be completed in 2023, Margate Point is 15 to 20 minutes away from Changi Airport and the central business district.
\n\u201cThe collective sale committee is optimistic that should an offer be received for the property, they stand a good chance of securing unanimous owners\u2019 consent to the sale,\u201d noted JLL.
\nThe tender for Margate Point will close on 11 March.
\nMore:\u00a0Understanding The En Bloc Process
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Margate Point makes another collective sale attempt<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Majority of the owners agreed to lower the reserve price of the Katong property from...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-103971","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-r2X","jetpack-related-posts":[{"id":87006,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/two-freehold-properties-launched-for-en-bloc-sale\/","url_meta":{"origin":103971,"position":0},"title":"Two freehold properties launched for en bloc sale","date":"May 3, 2018","format":false,"excerpt":"\r Holland Tower in District 10 was put up for sale with a reserve price of $65 million. 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The reserve price for the development has been lowered to $148\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/10\/La-Ville-condo-crop.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":117840,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/green-court-up-again-for-en-bloc-sale\/","url_meta":{"origin":103971,"position":4},"title":"Green Court up again for en bloc sale","date":"July 17, 2020","format":false,"excerpt":"\r The three-storey development comprises three ground floor shops and six duplex walk-up apartments on the second floor. Photo: Knight Frank. Green Court, a freehold mixed-use redevelopment site along Geylang Road, has been relaunched for collective sale, with the owners expecting offers above their $28 million reserve price, revealed marketing\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":57774,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/the-albracca-at-meyer-road-up-for-en-bloc-sale\/","url_meta":{"origin":103971,"position":5},"title":"The Albracca at Meyer Road up for en-bloc sale","date":"June 13, 2017","format":false,"excerpt":"\r The owners are expecting offers in the range of $62 million to $65 million. (Photo: JLL) An en-bloc tender exercise has been launched for The Albracca, a 10-storey apartment along Meyer Road which was completed in 1990, revealed sole marketing agent JLL. 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