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Singapore

The Albracca at Meyer Road sold collectively for $69.119 million


SINGAPORE, July 20, 2017 – The Albracca, a 10-storey residential development along Meyer Road, has just been sold via a collective sale to Sustained Land Pte Ltd for $69.119 million by sole marketing agent, JLL. This is the first time that the property was offered for sale collectively. 


The Albracca, which enjoys the address of ‘1 Meyer Place’, is an 11-unit strata-titled development located at a prominent corner of Meyer Road and Meyer Place. More than 80 per cent of the owners had inked their consent to sell their property in an en bloc sale. The launch of this tender exercise came shortly after four collective sales were successfully concluded in May 2017, surpassing the total number of en bloc deals completed in 2016.


"The Albracca’s tender response was strong with over a dozen bids received from developers of all sizes – from large to boutique developers, contractors and a fund manager,” says Mr Karamjit Singh, Senior Consultant at JLL. 


He adds: “Clearly, there is an increasing convergence of views amongst developers that the down cycle, which lasted over 4 years, has turned a corner, and that it’s time to be back. Sentiments in the residential market have also been buoyed by the strength of the stock market this year, which tends to run ahead of property markets. As for en bloc sellers, this also comes as a relief as many have been waiting for such an opportunity for years.”


“The price of $69.119 million works out to $1,409 psf ppr inclusive of development charges” added Mr Singh. The owners’ guide price during the tender was $62 million to $65 million.


The Meyer Road area has always appealed to well-heeled and high-income homebuyers as it has traditionally been considered as arguably the most prime location outside the Core Central Region with a strong following amongst both local and expatriate communities.


“The appeal of The Albracca was strong with multiple boxes ticked in its favour. It has an MRT station being built on its doorstep. The high-rise development that may be built on site should be able to enjoy unblocked views across Katong Park and the sea. It’s located in a much sought-after Meyer Road precinct, which is close to the CBD, amenities and the airport,” says Mr Singh. 


This station under construction, known as Katong Park station, is part of the Thomson-East Coast line slated to be ready some time in 2023. As part of the MRT plan, it would be only 5 stops away from Raffles Place and Shenton Way. Aside from MRT connectivity, residents may also cycle to work in the CBD via the cycling track at the beach, as Singapore transitions into a car-light society.


Under the 2014 Master Plan, the 23,400 sq ft site is zoned ‘Residential’ with an allowable gross plot ratio of 2.1. The Albracca may be redeveloped to accommodate a high-rise apartment development of about 18 to 24 storeys, depending on the technical height controls imposed by some government departments.


Subject to design and approval from the Urban Redevelopment Authority (URA), a developer may potentially configure the allowable gross floor area (GFA) of 49,130 sq ft into a maximum of 65 apartments with an average size of 70 sqm. 


The tender for The Albracca closed on Thursday, 20 July 2017 at 2.30 pm.