Arina East: The Property Owners of La Ville Agree on a Collective Sale for a Reduced Price, Situated on a 47,012 sq ft Plot with 2.1 GPR Allowance in 2019 URA Master Plan
The owners of Arina East, formerly known as La Ville, have come to an agreement for a collective sale at a decreased rate. The majority of the share value and floor area, making up more than 80%, have come to an understanding. This development, consisting of 40 units and built in the 1980s, occupies a 47,012 square feet land and is designated for residential purposes. In line with the Urban Redevelopment Authority’s Master Plan 2019, the property has a 2.1 gross plot ratio allowance.
The property owners of La Ville, comprising of more than 80% of the share value and floor area, have reached a consensus on a collective sale at a reduced price. The 40-unit high-rise development, constructed in the 1980s, sits on a 47,012 square feet plot of land and is zoned for residential use. According to the Urban Redevelopment Authority’s Master Plan for 2019, the property has a 2.1 gross plot ratio allowance.
Amidst the current challenging real estate market, the property owners have taken into consideration the decrease in demand and fluctuations in property prices. As a result, they have agreed to lower their asking price for the collective sale, hoping to attract more potential buyers.
One of the main selling points for La Ville is its prime location in the highly sought-after Arina East neighbourhood. The area has seen a surge in development, with several new residential and commercial projects in the pipeline. This has led to an increase in property values, making it a desirable location for both investors and homeowners.
Furthermore, the surrounding amenities and facilities add to the appeal of La Ville. Residents of the development can enjoy the convenience of nearby shopping malls, schools, and parks. The well-connected transportation network also provides easy access to other parts of the city.
The property owners have expressed optimism about the collective sale, citing the potential for a higher selling price in the future. They are also confident that their decision to market the property with the keyword “Arina East” will attract buyers who are keen on owning a property in this highly sought-after neighbourhood.
In conclusion, the property owners of La Ville have decided to offer their property for collective sale at a reduced price, taking into account the current market conditions. With its prime location in Arina East and its attractive amenities, the development is expected to garner significant interest from potential buyers. This could potentially lead to a higher selling price, bringing a positive outcome for all parties involved.
Families living in Arina East will have convenient access to a range of facilities, including popular attractions such as Kallang Wave Mall and Parkway Parade, as well as an abundance of dining establishments located along East Coast Road and in Tanjong Rhu. Those seeking traditional local cuisine can head to the nearby Old Airport Road Food Centre. In addition to its leisure and dining options, the neighborhood is renowned for its outstanding educational institutions, such as Dunman High School, Kong Hwa Primary School, and the Canadian International School (Tanjong Katong).
JLL, the sole marketing agent, has recently revealed that the freehold property, previously known as La Ville and situated in Tanjong Rhu, is once again up for collective sale with a revised reserve price of $148 million. This update was made known on Tuesday (Oct 26), after an unsuccessful attempt in June 2018, when the property was put up for sale at $152 million. The initial tender was halted as a result of the government’s implementation of property cooling measures in July of the same year.
Arina East Residences has been hailed as a “captivating chance for redevelopment.” For developers in search of prime residential projects on a medium scale, this is a highly enticing option. The deadline for the tender of this property is set for 3 pm on November 30th, providing a limited window of opportunity.
JLL’s executive director of capital markets, Tan Hong Boon, is expecting a high level of interest in the land, which is set to be transformed into a new residential development called Arina East Residences. Boon emphasized the excellent location of the site and its scarcity in terms of similar residential development opportunities in the Tanjong Rhu vicinity, making it a highly desirable investment.
The site has the potential for redevelopment, making it possible to build a maximum of 107 residential units with an average size of 85 square meters each. The initial price for the plot reflects a land rate of $1,499 per square foot based on the plot ratio (psf ppr). If we factor in a bonus gross floor area of 7% and the relevant development charge, the effective land rate is approximately $1,465 psf ppr. This site, located in Arina East, offers a lucrative opportunity for developers to take advantage of.
Arina East Residences is positioned to reap significant advantages from its advantageous location near the upcoming Katong Park MRT station on the highly-anticipated Thomson-East Coast line. The development boasts a mere 250-meter distance from the station, making it an ideal choice for future homeowners.
In addition to its convenient distance from the MRT, Arina East Residences is also in close proximity to popular local attractions such as Katong Park, East Coast Park beaches, and the iconic Gardens by the Bay. Residents can easily access these stunning destinations and enjoy their leisure time with ease.
The strategic location of Arina East Residences not only offers convenience and accessibility but also an unparalleled lifestyle. The development is situated in the vibrant and bustling Katong area, known for its rich cultural heritage and delectable dining options. This provides residents with a plethora of exciting activities to engage in, right at their doorstep.
Future homeowners of Arina East Residences can also look forward to the abundance of modern amenities and facilities within the development. These include a swimming pool, gym, and lush green landscapes, providing a perfect blend of tranquility and luxury.
With its prime location and array of lifestyle options, Arina East Residences is poised to be a highly sought-after residential development. Don’t miss out on the chance to call this exclusive address home.