The 23,400 sq ft Meyer Road site on which The Albracca condominium currently stands has been sold for close to $70 million, almost a good $8 million more than the expected $62 million the owners were hoping for. The winning bid came from Sustained Land and soon too considering the tender only opened last month.
Bids came from more than 12 parties, including developers, contractors and even a fund manager. The freehold development is situated in Tanjong Rhu near the upcoming Katong Park MRT station and in an area that is popular with young professionals and expatriates.
Apartment units at The Albracca range between 1,658 to 3,972 sq ft and each owner stands to receive between approximately $4 million to $7 million. Based on the selling price, the price per plot ratio inclusive of development charges works out to be about $1,409 psf. The site has an allowable gross plot ratio of 2.1 and could potentially yield 65 apartments sized at an average of 750 sq ft.
As the list of successful en bloc deals continues to grow this year, the total value has already reaching $1.58 billion, more than the $1 billion for the total of 3 such deals closed last year. As developers’ confidence in a recovering real estate market solidifies plus their continued need to replenish land banks in preparation for the decade ahead, more attempts at land bids may occur in the later half of this year.