{"id":61378,"date":"2017-07-21T09:59:22","date_gmt":"2017-07-21T02:59:22","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/the-albracca-sold-collectively-for-69m\/"},"modified":"2017-07-21T10:11:12","modified_gmt":"2017-07-21T03:11:12","slug":"the-albracca-sold-collectively-for-69m","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/the-albracca-sold-collectively-for-69m\/","title":{"rendered":"The Albracca sold collectively for $69m"},"content":{"rendered":"


\nThe 10-storey apartment at Meyer Road was completed in 1990 and comprises 11 units. (Photo: JLL)
\nThe Albracca apartment at Meyer Road has been sold in a collective sale to property developer Sustained Land for $69.119 million, revealed marketing agent JLL.
\nThe price works out to $1,409 psf per plot ratio inclusive of development charges, and is higher than the owners\u2019 guide price of $62 million to $65 million during the tender which closed on Thursday (20 July).
\nCompleted in 1990, the 10-storey strata-titled development comprises 11 apartments. This is the first time that the property was offered for sale collectively, with more than 80 percent of the owners consenting to the deal.
\nSEE ALSO: Why the hype around properties with en-bloc potential?
\n\u201cThe Albracca\u2019s tender response was strong with over a dozen bids received from developers of all sizes \u2013 from large to boutique developers, contractors and a fund manager,\u201d said Karamjit Singh, Senior Consultant at JLL.\u00a0
\nHe added: \u201cClearly, there is an increasing convergence of views amongst developers that the down cycle, which lasted over four years, has turned a corner, and that it\u2019s time to be back.\u201d
\nThe 23,400 sq ft site is zoned residential with an allowable gross plot ratio of 2.1. It could be redeveloped into an 18 to 24-storey apartment, depending on height restrictions imposed by the government.
\nSustained Land could potentially configure the allowable gross floor area of 49,130 sq ft into a maximum of 65 units with an average size of 753 sq ft.
\nThe future Katong Park MRT station on the Thomson-East Coast line is right at its doorstep, while Katong Park and the sea are also nearby.
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email\u00a0romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…The Albracca sold collectively for m<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The 10-storey apartment at Meyer Road was completed in 1990 and comprises 11 units. (Photo:...<\/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-61378","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-fXY","jetpack-related-posts":[{"id":57774,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/the-albracca-at-meyer-road-up-for-en-bloc-sale\/","url_meta":{"origin":61378,"position":0},"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. This is the first time that the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":63834,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/katong-property-up-for-sale\/","url_meta":{"origin":61378,"position":1},"title":"Katong property up for sale","date":"August 16, 2017","format":false,"excerpt":"\r Aerial view of the freehold site at Amber Road, which has been put up for sale at a guide price of between $56.6 million and $61 million. (Photo: JLL) A freehold site in Katong comprising four vacant old houses has been put up for sale by expressions of interest\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":85660,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/asia-gardens-in-everton-road-sold-en-bloc-for-343m\/","url_meta":{"origin":61378,"position":2},"title":"Asia Gardens in Everton Road sold en bloc for $343m","date":"April 17, 2018","format":false,"excerpt":"\r The purchase price is higher than the asking price of $338 million. (Photo: Edmund Tie & Co) Asia Gardens along Everton Road in the Spottiswoode area has been sold en bloc for $343 million to a consortium comprising Sustained Land, Ho Lee Group and other partners, revealed marketing agent\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":74512,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/parkway-mansion-sold-for-146-99mil-to-sustained-land-led-consortium\/","url_meta":{"origin":61378,"position":3},"title":"Parkway Mansion sold for $146.99mil to Sustained Land-led consortium","date":"December 14, 2017","format":false,"excerpt":"\r After two failed attempts at a collective sale, Parkway Mansion has finally been sold to a consortium led by Sustained Land Pte Ltd for $146.99 million. Colliers International revealed that the sale price was 6.5 percent higher than the owners\u2019 guide price of $138 million during the tender launched\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":70504,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/11-balmoral-road-up-for-collective-sale-at-75-million\/","url_meta":{"origin":61378,"position":4},"title":"11 Balmoral Road up for collective sale at $75 million","date":"October 31, 2017","format":false,"excerpt":"\r Built in the mid-1990s, the property comprises 17 units in two four-storey apartment blocks. (Photo: JLL) Property consultancy JLL has launched 11 Balmoral Road in prime District 10 for collective sale at $75 million. The asking price translates to a land rate of about $1,761 psf per plot ratio,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":28793,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/raintree-gardens-sold-en-bloc-for-334-2m\/","url_meta":{"origin":61378,"position":5},"title":"Raintree Gardens sold en bloc for $334.2m","date":"October 6, 2016","format":false,"excerpt":"\r The sale price works out to a land cost of about $797 psf per plot ratio on the potential gross floor area. Source: JLL The 175-unit Raintree Gardens residential development at Potong Pasir has been sold collectively to UVD (Projects), a joint venture company of UOL Group and United\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/61378"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=61378"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/61378\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=61378"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=61378"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=61378"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}