Freehold La Ville relaunches collective sale tender
La Ville, a high-rise freehold collective sale site, has just been relaunched for sale by tender by sole marketing agent, JLL.
La Ville was launched for tender in May this year at the asking price of S$152m and the tender closed on 19 June 2018 without a deal. During the ensuing private treaty period after tender, JLL continued with negotiations with interested parties, but was halted by the Government announcement of the latest round of residential market cooling measures on 5 July 2018.
The Collective Sale Committee (“CSC”) then initiated, in consultation with JLL and the lawyers from Dentons Rodyk, a proposal to the owners in an Extraordinary General Meeting (“EGM”) to lower the reserve price to S$140.6 million. This was duly approved at the EGM, and owners who are supportive of lowering the reserve price started signing a Supplemental Agreement (“SA”) for lowering the reserve price. This process requires owners representing at least 80 per cent by total share value and by total floor area to approve. At this juncture, owners representing more than 70 per cent by total share value and by total floor area have executed the SA.
Constructed in the 1980’s, the 40-unit development has a land area of about 47,012 sq ft. It is zoned “Residential” with an allowable gross plot ratio (GPR) of 2.1 under the 2014 Master Plan with height control subject to relevant authorities’ approval. We understand that the Pre-Application Feasibility Study (“PAFS”) on traffic impact is not required by LTA for redevelopment of this site.
The development enjoys excellent conveniences and accessibility, with the upcoming Katong Park MRT Station on the Thomson-East Coast (TEL) line being just a mere estimated 250m walk away. The Central Business District and Changi Airport are just about 10 and 15 minutes’ drive away respectively via the East Coast Parkway. Katong Park and East Coast Park beach, both treasured urban getaways, are just a leisurely stroll away.
Additionally, the site is in close proximity to a wide range of shopping and recreational amenities readily available at Kallang Wave Mall, Parkway Parade and a myriad of F&B choices at East Coast Road and Old Airport Road. Lifestyle offerings in the vicinity, such as Singapore Sports Hub and Gardens by the Bay, are a short drive away too.
At the reserve price of S$152 million, the unit land rate is S$1,540 per sq ft per plot ratio (psf/pr) or S$1,466 psf/pr after factoring in the 10 per cent bonus balcony. At the lower proposed reserve price of S$140.6 million, the unit land rate is about S$1,424 psf/pr or S$1,361 psf/pr after factoring in the 10 per cent bonus balcony and a corresponding estimated development charge of about S$7.2 million.
The tender for La Ville closes on Thursday, 8 November 2018, at 2.30 p.m.
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For a high-resolution image of the property, please click here.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with nearly 300 corporate offices, operations in over 80 countries and a global workforce of 83,500 as of March 31, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.