Discover the Profitable Potential of Arina East Residences: Owners Secure Collective Sale on 40-Unit High-Rise in La Ville, Built in 1980s with 80% Share and Reduced Price!

Nestled in the charming enclave of La Ville is the iconic Arina East Residences. This well-loved high-rise boasts a total of 40 units and was built in the 1980s. In an exciting turn of events, the majority of property owners, who hold an impressive 80% share and make up a significant floor area, have come together to put the property up for a collective sale. The prime development covers a sprawling land area of 47,012 square feet and falls under the coveted “residential” use category. As per the Urban Redevelopment Authority’s 2019 Master Plan, Arina East Residences has an approved gross plot ratio of 2.1. For more information about this prestigious property, visit the official website at Arina East Residences.

Arina East Residences, a 40-unit high-rise situated in La Ville and constructed in the 1980s, has recently seen an arrangement made by property owners, who make up a significant 80% share value and floor area, on a collective sale at a reduced price. The property, which covers a land area of 47,012 square feet, falls under the “residential” use category and has an approved gross plot ratio of 2.1 according to the Urban Redevelopment Authority’s 2019 Master Plan.

A rare opportunity to acquire a freehold property in Tanjong Rhu has opened up once again as JLL, the exclusive marketing agent, announced that the former La Ville is up for collective sale. This time, the property is offered at a revised reserve price of $148 million, slightly lower than the earlier attempt in June 2018 when it was listed at $152 million. Unfortunately, the previous tender was discontinued due to the implementation of property cooling measures by the government in July 2018.

Arina East Residences, the new name for the property, is situated in the prime district of Tanjong Rhu and spans across a land area of approximately 85,000 square feet. It comprises of 23 units with a built-up area of 107,639 square feet and a plot ratio of 2.1. Based on the reserve price, the land rate for the property stands at $1,373 per square foot per plot ratio.

The highly sought-after freehold property, now known as Arina East Residences, is located in the prestigious Tanjong Rhu area. The sprawling development spans over 85,000 square feet and consists of 23 units with a total built-up area of 107,639 square feet. The current plot ratio of 2.1 indicates that the property offers ample space for future redevelopment. With a reserve price of $148 million, the land rate translates to $1,373 per square foot per plot ratio, making it an attractive proposition for potential buyers.

The reserve price for the property is significantly lower than the estimated value of the site, which is about $160 million, said JLL. The firm also added that the property’s prime location, coupled with its freehold tenure, presents a rare investment opportunity for developers. They can either redevelop the site into a luxury condominium or serviced apartments, subject to approval from the relevant authorities.

According to JLL, the reserve price of $148 million is considerably lower than the valuation of the site, which is estimated to be around $160 million. The prime location of the property coupled with its freehold tenure makes it an attractive opportunity for developers to transform it into a high-end condominium or serviced apartments, subject to approval from the relevant authorities.

The Tanjong Rhu area is highly sought after by affluent buyers due to its prime location and premium amenities. It is close to the Central Business District (CBD) and is well-connected to major expressways such as the East Coast Parkway (ECP) and the Kallang-Paya Lebar Expressway (KPE). The area also boasts a variety of lifestyle facilities, including the upcoming Sports Hub and the popular East Coast Park.

The strategic location of Tanjong Rhu is highly coveted by affluent buyers, given its proximity to the CBD and easy access to major expressways like ECP and KPE. Residents can also enjoy a wide range of lifestyle amenities, including upcoming developments like the Sports Hub and the popular East Coast Park.

Furthermore, the property is within close proximity to notable schools such as Tanjong Katong Primary School, Dunman High School, and Geylang Methodist Primary and Secondary Schools, making it an ideal location for families with school-going children.

The highly-regarded Tanjong Katong Primary School, Dunman High School, and Geylang Methodist Primary and Secondary Schools are just a stone’s throw away from Arina East Residences, making it an attractive option for families with young children.

The tender for the property will close on 3 December 2019 (Tuesday) at 2:30 pm, and all owners have given their consent to the collective sale. The successful bidder will only have to pay a development charge of about $17.3 million, which translates to approximately $1,035 per square foot per plot ratio, for the intensification of the site, subject to approval from the relevant authorities.

All owners of Arina East Residences have unanimously agreed to the collective sale, and the tender will close on 3 December 2019 (Tuesday) at 2:30 pm. The successful bidder will only have to pay a development charge of about $17.3 million, which is equivalent to approximately $1,035 per square foot per plot ratio, for the site’s intensification, subject to approval from the relevant authorities.

In conclusion, the relaunch of Arina East Residences presents a rare opportunity for developers to acquire a freehold property in the highly desirable Tanjong Rhu area. With its prime location, ample space for redevelopment, and attractive reserve price, the property is expected to garner strong interest from developers and investors alike.

In summary, with a revised reserve price of $148 million, Arina East Residences (formerly known as La Ville) in Tanjong Rhu is once again up for collective sale, as announced by the exclusive marketing agent JLL. This comes after an unsuccessful attempt in June 2018 when the property was listed at $152 million, but the tender was discontinued due to government property cooling measures. The new property spans approximately 85,000 square feet and comprises 23 units with a built-up area of 107,639 square feet and a plot ratio of 2.1, translating to a land rate of $1,373 per square foot per plot ratio. The current reserve price is lower than the property’s estimated value of $160 million, making it an attractive investment opportunity for developers. It is strategically located in the upscale Tanjong Rhu area with easy access to the CBD and major expressways, as well as upcoming lifestyle amenities like the Sports Hub and East Coast Park. The prime location makes it highly coveted by affluent buyers, and it is also close to reputable schools, making it ideal for families. The tender will close on 3 December 2019 (Tuesday) at 2:30 pm, with all owners giving their consent for the collective sale. The successful bidder will only need to pay a development charge of about $17.3 million, equivalent to $1,035 per square foot per plot ratio, for the site’s intensification, subject to approval from relevant authorities. Overall, the relaunch of Arina East Residences presents a rare chance for developers to acquire a freehold property in Tanjong Rhu with its prime location, redevelopment potential, and attractive reserve price expected to attract strong interest.

Tan Hong Boon, the executive director of capital markets at JLL, predicts a strong level of interest in the site, which is set to be transformed into Arina East Residences. He points out the prime location of the site and the scarcity of similar residential development opportunities in the Tanjong Rhu vicinity as key factors driving this interest.

According to Boon, the site’s compelling location, paired with the potential for creating a unique residential development, makes it an attractive investment opportunity. This is particularly true given the limited supply of residential properties in the prestigious Tanjong Rhu neighbourhood.

With the potential to create a one-of-a-kind residential complex, Boon believes that the newly named Arina East Residences will generate keen interest from both individual and institutional investors. The site’s proximity to the bustling city centre and the picturesque Kallang River also adds to its appeal.

Boon also highlighted the site’s strategic location within the upcoming Bayshore precinct, which is set to undergo significant transformation in the near future. This presents a rare opportunity for developers to tap into the growth potential of this thriving area and create a sought-after residential development.

Overall, Boon is confident that Arina East Residences will attract strong interest from developers and investors alike. The site’s premium location, scarce supply of comparable developments, and potential for creating a unique residential complex are expected to make it a highly coveted property in the market.

The site presents an opportunity for redevelopment, with a potential to build up to 107 residential units. Based on an average unit size of 85 square meters, the maximum number of units can be constructed. The initial asking price for the site equates to a land rate of $1,499 per square foot per plot ratio (psf ppr). Taking into consideration the 7% bonus gross floor area and the development charge, the effective land rate becomes approximately $1,465 psf ppr.

Moreover, thanks to its close proximity to various amenities and transportation options, the Arina East Residences naturally holds a strong appeal for potential buyers. This prime location offers convenience and accessibility to residents, making it a desirable residential development site.

As a highly sought-after area, the site has the potential to attract a large pool of buyers and investors. With the growing demand for residential properties, developers can capitalize on this opportunity and create a highly desirable living space at Arina East Residences.

In terms of unit size and layout, the site’s redevelopment potential allows for a variety of options to suit different needs and preferences. The average unit size of 85 square meters also makes it a viable option for families, providing enough space for comfortable living.

Furthermore, the effective land rate of $1,465 psf ppr is competitive and presents a favorable opportunity for developers to maximize their returns. With the inclusion of a 7% bonus gross floor area and the applicable development charge, the total development cost can be managed effectively.

The Arina East Residences naturally boasts a prime location, coupled with its redevelopment potential, making it a highly attractive investment opportunity. With the potential to construct up to 107 residential units and a competitive effective land rate, this site presents a promising option for developers looking to create a desirable residential development.

Arina East Residences is positioned to reap the rewards of its advantageous location near the highly anticipated Katong Park MRT station on the upcoming Thomson-East Coast line, situated just a mere 250 meters away. Its prime location also offers close proximity to Katong Park, the picturesque beaches of East Coast Park, as well as the stunning Gardens by the Bay.

Arina East Residences presents an ideal living opportunity for its residents, offering a convenient location with access to various nearby amenities. With Kallang Wave Mall, Parkway Parade, and a plethora of dining options along East Coast Road and in Tanjong Rhu just a stone’s throw away, residents can easily satisfy their shopping and dining needs. Not to mention, the famous Old Airport Road Food Centre is also within reach for those craving for some delicious local dishes.

Apart from its vibrant retail and food scene, the area surrounding Arina East Residences is known for its esteemed educational institutions. Parents can be assured that their children’s education is in good hands, with schools like Dunman High School, Kong Hwa Primary School, and the Canadian International School (Tanjong Katong) in close proximity. This makes Arina East Residences an ideal choice for families with school-going children.

With the perfect blend of convenience, accessibility, and quality education, Arina East Residences offers its residents the best of both worlds. Don’t miss the chance to be a part of this thriving community.

Arina East Residences is being touted as an enticing chance for developers looking for a lucrative redevelopment project. This prime residential property is up for tender and the closing date is set for Nov 30 at 3 pm.