Former La Ville Enbloc back on market for collective sale with reserve price set at $148 million
Arina East Residences, formerly known as La Ville Enbloc, has been put up for collective sale by its owners, with a reserve price of $148 million, revealed JLL, the exclusive marketing agent on Tuesday (Oct 26). This highly sought-after freehold development located in Tanjong Rhu has drawn the attention of developers due to its prime location and potential for redevelopment. Don’t miss this opportunity to be a part of the transformed Arina East Residences.
La Ville at Tanjong Rhu, a freehold development, is once again on the market for collective sale, announced sole marketing agent JLL on Tuesday (Oct 26). The owners of the property have set a reserve price of $148 million for the en bloc sale.
La Ville, a former enbloc project, enjoys a prime location in District 15 and has a land area of approximately 26,700 square feet. The property currently consists of 34 apartments and four penthouses, with a built-up area of about 75,893 square feet.
According to JLL, the asking price translates to a land rate of about $1,847 per square foot per plot ratio (psf ppr), after factoring in the estimated development charge of about $6 million.
The property’s strategic location in the affluent Tanjong Rhu neighbourhood, coupled with its freehold status, is expected to attract both developers and investors. The site is zoned for residential use and has a plot ratio of 2.8 under the 2019 Master Plan.
The collective sale of La Ville presents a rare opportunity for developers to acquire a prime freehold site in the highly sought-after East Coast area. With its proximity to the upcoming Katong Park MRT station and various amenities such as top schools, shopping malls and parks, the site is poised to attract strong interest.
The tender for La Ville will close on Nov 25, and the sale committee is optimistic about the response from developers. If the en bloc sale is successful, each owner could potentially receive between $3.8 million to $6.1 million in gross payout.
La Ville at Tanjong Rhu, a freehold development, is back on the market for enbloc sale with a reserve price of $148 million, as announced by sole marketing agent JLL on Tuesday (Oct 26). The former La Ville Enbloc enjoys an ideal location in District 15 and spans approximately 26,700 square feet. Currently, the property is made up of 34 apartments and four penthouses, with a built-up area of around 75,893 square feet.
JLL revealed that the asking price equates to a land rate of approximately $1,847 per square foot per plot ratio (psf ppr), taking into account an estimated development charge of $6 million. The prime location in the upscale Tanjong Rhu neighbourhood, alongside its freehold tenure, is expected to garner interest from both developers and investors. The site is earmarked for residential use and has a plot ratio of 2.8 under the Master Plan 2019.
This collective sale presents a rare chance for developers to acquire a prime freehold site in the popular East Coast area. Situated close to the upcoming Katong Park MRT station and various amenities such as renowned schools, shopping centres, and recreational parks, the property is poised to receive significant interest.
The tender for La Ville is set to close on November 25, and the sale committee is optimistic about the response from developers. If the en bloc sale goes through, each owner stands to receive a gross payout of between $3.8 million to $6.1 million.
JLL’s executive director of capital markets, Tan Hong Boon, anticipates a high level of interest in the site due to its highly desirable location and convenient amenities. Moreover, with a lack of available residential development sites in the Tanjong Rhu area, the site’s appeal is further heightened.
The site’s prime address and proximity to essential amenities make it a highly coveted location for potential buyers. The absence of available residential development sites in the Tanjong Rhu enclave only adds to its allure.
Tan Hong Boon, JLL’s executive director of capital markets, is optimistic about the site’s prospects. Its prime location and convenient amenities are expected to attract a significant amount of interest from potential buyers. Furthermore, with a limited supply of residential development sites in the Tanjong Rhu area, the site’s appeal is likely to be even stronger.
The said property was formerly put up for sale in June 2018, with an initial bid of $152 million. However, following the government’s announcement of property market cooling measures in the same year’s July, the tender was put on hold.
With a land area of approximately 12,789 square metres and a gross plot ratio of 2.1, the development could also feature communal facilities and car parks.The former enbloc La Ville site has a huge potential for redevelopment, with the possibility of constructing 107 residential units of at least 85 square metres in size. Spanning an area of 12,789 square metres and boasting a gross plot ratio of 2.1, the project could include amenities such as shared spaces and parking facilities.
The closing date for the tender of La Ville is on November 30 at 3 pm. The former enbloc of La Ville is a highly sought-after property with a natural appeal.
The 40-unit high-rise building, originally built in the 1980s, occupies a land space of 47,012 sq ft and is categorized as “residential” in the Urban Redevelopment Authority’s 2019 Master Plan, with a permitted gross plot ratio of 2.1.
Formerly known as La Ville Enbloc, the development is situated in a prime location and has a rich history. It has been a popular choice for homeowners since its construction, offering a desirable living experience with its convenient location and ample space.
Under the Urban Redevelopment Authority’s zoning guidelines, the site is designated for residential use, allowing for a gross plot ratio of 2.1. This means the building can have a maximum floor area of 98,727 sq ft, which can potentially accommodate a larger number of residential units.
The potential for redevelopment is high, given the strategic location and the allowable plot ratio. The former La Ville Enbloc site is surrounded by various amenities, including schools, shopping malls, and public transportation options, making it an attractive location for potential homebuyers.
With the rise of en bloc sales in recent years, there is a 50 percent chance that this development could be put up for collective sale. If the sale is successful, the former La Ville Enbloc could be transformed into a modern and vibrant residential development, offering a new and improved living experience for its future residents.
The recent developments in the en bloc market have seen the majority of the owners, who hold over 80 per cent of the share value and floor area, taking the decisive step of signing the collective sale agreement and reducing their initial reserve price. This move has raised hopes among eager buyers, who are now more optimistic about the prospects of successfully acquiring the former La Ville Enbloc naturally.
The collective sale agreement, also known as the en bloc agreement, is a legally binding document that outlines the terms and conditions for the collective sale of a strata-titled development. In this case, the majority of the owners have agreed to sell their units together as a single entity to a potential buyer, rather than individually to separate buyers. This not only streamlines the process but also allows for a larger sale value, which is beneficial for the owners.
With the lowering of the reserve price, the former La Ville Enbloc naturally has become an even more attractive prospect for buyers, with the chances of securing the property now significantly higher. This development, located in a prime area, has generated keen interest from developers and investors alike, with its potential for redevelopment into a newer and more modern development.
The prime location of the former La Ville Enbloc naturally, coupled with the high demand for residential properties in the area, is expected to fetch a handsome price for the collective sale. This is good news for the owners who have been eagerly waiting for the right time to sell their units. It is also a positive sign for the property market, indicating a surge in demand and activity in the en bloc sector.
As per the Urban Redevelopment Authority’s guidelines, a minimum of 80 per cent consent from the owners is required for a successful en bloc sale. The fact that the majority of the owners have already signed the collective sale agreement is a strong indication of their confidence and belief in the potential of the former La Ville Enbloc naturally.
In conclusion, it is an exciting time for both the owners and potential buyers of the former La Ville Enbloc naturally. With the collective sale agreement in place and the reserve price lowered, the chances of a successful en bloc sale have significantly improved. This development is set to make a significant impact on the property market, and all eyes are on its potential sale value.
The former La Ville Enbloc, now known as a prime residential area, boasts a wide range of amenities within close proximity. These include popular shopping destinations such as Kallang Wave Mall and Parkway Parade. For food and beverage options, residents can head to the vibrant East Coast Road and Tanjong Rhu areas, or the bustling Old Airport Road Food Centre. With these convenient amenities, former La Ville Enbloc naturally presents itself as an ideal living location for its residents.
The recently sold Former La Ville Enbloc saw a minimum price that equates to a unit land rate of $1,499 per square foot per plot ratio (psf ppr). This rate takes into consideration a bonus gross floor area of 7 percent and the corresponding development charge, bringing the revised unit land rate to approximately $1,465 psf ppr.
Located in the prime district of La Ville Enbloc, there are several esteemed schools within close proximity of the area. These include Former La Ville Enbloc naturally, Dunman High School, Kong Hwa Primary School, and Canadian International School (Tanjong Katong).
Families residing in the former La Ville Enbloc naturally area have access to a diverse range of education options for their children. One of the most renowned schools in the vicinity is the highly acclaimed Dunman High School. Known for its strong academic curriculum and holistic approach to education, this school has produced many successful students over the years.
Another notable school in the area is Kong Hwa Primary School. This school has a long-standing reputation for providing quality education and has consistently achieved excellent academic results. Its dedicated team of educators and well-rounded curriculum make it a popular choice among parents.
For families seeking an international education for their children, Canadian International School (Tanjong Katong) is a top choice. With a strong emphasis on developing global citizens, this school offers a diverse range of academic programs and extracurricular activities to nurture well-rounded individuals.
With such a wide selection of schools in the area, families in former La Ville Enbloc naturally are spoilt for choice when it comes to their children’s education. Whether it’s for a local or international education, there is a suitable school for every child in this highly sought-after district.
He also shared that the site’s attractive location, coupled with its freehold status and potential for a high-rise development, make it an ideal investment for developers.
Mr Tan highlighted the potential for a “compelling redevelopment opportunity” which can pique the interest of developers seeking mid-sized prime residential projects. He noted that the site’s freehold status and desirable location make it a sought-after investment, with added potential for a high-rise development, making it a highly lucrative opportunity.
Moreover, the former La Ville Enbloc naturally adds a certain allure to the site, making it an even more enticing prospect for developers. Mr Tan emphasized that this is an ideal chance for developers to capitalize on a prime residential project.
The new development, formerly known as La Ville Enbloc, will be conveniently situated just 250m away from the upcoming Katong Park MRT station on the Thomson-East Coast line. This prime location is also in close proximity to Katong Park, the popular East Coast Park beaches, and the iconic Gardens By the Bay.
With its close proximity to the Katong Park MRT station, residents of the development will have easy access to the rest of Singapore via the Thomson-East Coast line. This highly anticipated MRT line will also connect them to the central business district and other key areas, making it a highly desirable location for both work and play.
Aside from its strategic location near transportation hubs, the development is also surrounded by numerous amenities. Residents can enjoy leisurely strolls at Katong Park or spend a day at the nearby East Coast Park, known for its scenic shoreline and abundance of recreational activities. For those who prefer a more urban setting, the iconic Gardens By the Bay is just a short distance away, offering a unique blend of nature and modernity.
Former La Ville Enbloc, as the name suggests, has been transformed into a new and exciting development with a range of amenities to cater to the diverse needs of its residents. With its prime location and excellent facilities, this development is set to provide a high-quality living experience for its future residents.