Meyer road freehold condo up for en bloc sale

Abracadabra The Albracca? This 11-unit Meyer road private residential development could very well disappear soon should their collective sale asking price of $62 million to 65 million be met.

TheAlbraccaWorking out to be between $1,262 to $1,323 psf, the freehold site near Tanjong Rhu is currently home to the 10-storey The Albracca whose units range from 1,658 to 3,972 sq ft. Should the sale be successful, each owner will stand to receive between $3 million to $7 million.

The collective sales market has been red hot this first half of the year. 4 en bloc transactions have been successful thus far, and their combined value come up to $1.5 million which already surpasses the $1 billion combined total of the 3 deals from 2016. The successful deals in H1 of this year include One Tree Hill Gardens in district 9, former HUDC estates Rio Casa and Eunosville and the mixed-use development in Bukit Timah, Goh & Goh Building.

THeLineTanjongRhuZoned for residential use, the 23,400 sq ft site could potentially yield 65 new apartment units averaging 750 sq ft each. The location of the site could be the selling point of the property as it is situated near Katong Park MRT station which will be ready by 2023. Property analysts are expecting developers to actively go for this site as the asking price of $62 million to $65 million is rather affordable considering recent prices land plots have been going for.

Demand for well-located properties remain high

Properties near MRT stations often bring in the buying crowds. And there will be 2 such properties to look forward to in the first half of 2017.

GrandeurParkResidencesThe first is the 720-unit Grandeur Park Residences which is expected to launch in March, near the Tanah Merah MRT station. It’s proximity to transport, the inclusion of a childcare centre and 2 shop units is expected to add value to project. 1- to 5-bedroom units here will range between 420 sq ft and 1,450 sq ft in size. And if prices at the neighbouring The Glades are anything to go by, the units at Grandeur Park Residences may be priced between $1,300 to $1,400 psft.

Situated near East Coast Park and the upcoming Siglap MRT station, is the 843-unit Seascape Residences. With sea views and as one of the first private condominium projects to come up in the area in the last decade and a half, this new project along the coastline may make quite the splash on its launch. Prices are expected to hover between $1,550 to $1,650 psf.

SeasideResidencesDespite a weak economy and the property cooling measures, demand for new homes remain resilient and while buyers may be more selective with their purchases, properties which are well-located and offer competitive pricing will still sell. Interest rates remain a uncertain factor impacting market sentiments however, as sudden spikes may affect demand.

Launches of new projects can often boost sales of new homes across the board and this first quarter could very well already set the tone for the rest of the year.