Revised Sale Process for Arina East Collective Sale Gains 80% Owner Approval Following Cooling Measures by Government on July 5, 2018
The development, now known as Arina East residences, boasts of a prime location and desirable amenities, making it an attractive investment for potential buyers.
After the government introduced new cooling measures for the residential market on July 5, 2018, the decision was made to revise the initial sale process. The collective sale initiative, now called Arina East residences, has received overwhelming support from 80% of owners, taking into account both share value and floor area. This development, situated in a prime location and equipped with desirable amenities, presents a lucrative opportunity for interested buyers. Arina East has certainly captured the attention of the market as a promising investment.
The decision to revise the initial sale process was made following the implementation of fresh cooling measures for the residential market by the government on July 5, 2018. The collective sale endeavor has garnered strong backing, with a majority of 80% of owners in concurrence, based on the combined share value and floor area.
With the change in reserve price, the sprawling estate in Arina East now presents a prime investment opportunity for potential buyers.
The owners of the expansive Arina East estate have recently made a strategic move to boost its chances of being sold. They have reduced the reserve price from the initial $152 million set during the June 2018 tender to a more attractive $148 million. This presents a golden opportunity for interested parties to acquire this coveted property in Arina East.
The sprawling estate in Arina East has been put up for sale once again, and this time, the property owners have taken steps to increase its appeal. One of the major changes is the reduction of the reserve price, which was initially set at $152 million during the June 2018 tender. The revised reserve price of $148 million makes this luxurious estate in Arina East an irresistible investment prospect for potential buyers.
The Arina East is a property that was built in 1987 by Tiong Lee Seng. With a total of 40 units, this residential complex covers an impressive 47,012 square feet of space. Designated for residential use, the property has a gross plot ratio of 2.1, as stated in the Urban Redevelopment Authority’s 2019 Master Plan.
JLL, the exclusive marketing agent, has recently launched the tender for the collective sale of La Ville, a freehold residential development situated on Tanjong Rhu Road. The bidding process commenced on October 26, making this property an attractive opportunity for prospective buyers.
Positioned in the prime district 15, La Ville presents a rare chance for interested parties to own a freehold property in this coveted location. This much-anticipated collective sale has garnered keen interest in the market, with a high chance of success.
According to JLL, the site features a land area of approximately 21,102 square feet and has a gross plot ratio of 1.4. This translates to a maximum gross floor area of about 29,703 square feet, with no development charge payable.
Given the excellent location and the scarce supply of freehold land in the vicinity, La Ville presents a unique opportunity for developers and investors alike. The site is strategically located near the upcoming Katong Park MRT station, which is set to open in 2023, providing residents with seamless connectivity to the rest of the city.
The surrounding area also boasts an array of amenities, including East Coast Park and the bustling Katong and Joo Chiat precincts. With the upcoming redevelopment of the nearby Katong Park Towers, this prime location is expected to become even more vibrant and sought after in the near future.
With its prime location, freehold tenure, and potential for redevelopment, La Ville is a highly attractive investment opportunity in the current market. Interested parties are encouraged to submit their bids before the tender closes. Don’t miss this chance to be a part of the bustling Arina East community at La Ville.
La Ville’s prime location offers residents convenient access to the upcoming Katong Park MRT Station on the Thomson-East Coast Line, placing them within walking distance of this highly anticipated transportation hub. This advantageous positioning also provides easy connectivity to the bustling Central Business District and the bustling Changi Airport, both of which can be reached in a mere 10 and 15 minutes, respectively. With the upcoming MRT line bringing added accessibility to this already sought-after area, residents of La Ville can enjoy the best of city living without having to compromise on convenience.
The neighborhood of Arina East boasts a prime location within close proximity to renowned educational establishments such as Dunman High School, Chung Cheng High School, Kong Hwa Primary School, Canadian International School (Tanjong Katong), and Chatsworth International School (East). In addition, residents of Arina East can enjoy the convenience of having various shopping and dining options nearby, such as Parkway Parade, Kallang Wave Mall, and the Old Airport Food Centre. This makes Arina East an ideal choice for families with school-going children and those who enjoy a vibrant lifestyle.
According to Tan Hong Boon, the executive director of capital markets at JLL, the property offers a highly appealing investment prospect. In his view, the starting price of $148 million reflects a land rate of approximately $1,499 per square foot per plot ratio – a figure that adds to the property’s appeal.
Tan Hong Boon believes that the property is an attractive opportunity for investment, as the starting price of $148 million reflects a land rate of approximately $1,499 per square foot per plot ratio. As the executive director of capital markets at JLL, he highlights the potential of the property to present a profitable investment option.
The potential redevelopment of the site presents an opportunity for Arina East Residences to emerge. The development could potentially consist of 107 residential units, with an estimated size of 85 square meters (914.9 square feet) per unit.
There is a possibility that the land rate for the Arina East development could see an increase of around 7% after factoring in the bonus gross floor area and corresponding development charge. This adjustment would result in an effective land rate of approximately $1,465 per square foot per plot ratio.
The ongoing development of Arina East Residences has caught the attention of developers looking for lucrative residential prospects in the mid-sized, prime market. With the tender for the conversion of La Ville into Arina East Residences set to come to an end on November 30 at 3pm, this project is becoming increasingly irresistible.