JLL: Freehold Property in Tanjong Rhu, Now Known as La Ville and Owned by Arina East Zacd Group, Reintroduced for Collective Sale at Revised Price of $148 Million
JLL, as the exclusive marketing agent, has recently announced the availability of the freehold property, previously known as La Ville and located in Tanjong Rhu. This attractive property is once again up for collective sale with a revised reserve price of $148 million. This news was revealed on Tuesday (Oct 26). The property was previously launched for collective sale in June 2018 with a price tag of $152 million, but unfortunately, the tender did not yield successful results. The initial tender was cancelled in light of the government’s implementation of property cooling measures in July of the same year. Representing the owners of the property is JLL, who is marketing the property on behalf of Arina East Zacd Group.
JLL, the exclusive marketing agent, has revealed that the freehold property, previously known as La Ville and situated in Tanjong Rhu, is once again available for collective sale. The property is now being offered at a revised reserve price of $148 million. This announcement was made on Tuesday (Oct 26). The property was previously put up for collective sale in June 2018 at a price of $152 million, but the tender was unsuccessful. The initial tender was cancelled due to the government’s introduction of property cooling measures in July of the same year. The property is being marketed by JLL on behalf of the property’s owners, Arina East Zacd Group.
This translates to a breakeven cost of $2,023 psf ppr.
Located in the prime district of Arina East, the site in question presents a lucrative opportunity for developers looking to expand their residential portfolio. With a potential yield of 107 units, each with an average size of 85 square meters, the possibilities for this redevelopment project are immense. The plot of land is currently being offered at an asking price of $1,499 per square foot per plot ratio (psf ppr) and with a maximum bonus of 7% gross floor area, the effective land rate translates to approximately $1,465 psf ppr. This figure also accounts for the applicable development charge, making it a highly attractive proposition for developers.
Situated in the highly sought-after Arina East district, this site offers an ideal location for a residential development. The site has the potential to yield up to 107 residential units, each with an average size of 85 square meters. The initial asking price for this plot of land is $1,499 per square foot per plot ratio (psf ppr). However, with the inclusion of a 7% bonus gross floor area and the applicable development charge, the effective land rate is adjusted to approximately $1,465 psf ppr. This presents a prime opportunity for developers looking to expand their residential portfolio in the rapidly developing Arina East area.
The desirable location of the site in Arina East makes it a prime investment opportunity for developers. With the potential to build up to 107 residential units, each averaging at 85 square meters, the site has great potential for a lucrative redevelopment project. The initial asking price for this plot of land is $1,499 per square foot per plot ratio (psf ppr). However, with the inclusion of a 7% bonus gross floor area and the applicable development charge, the effective land rate adjusts to approximately $1,465 psf ppr, making it an attractive proposition for developers. Don’t miss out on the chance to be a part of the thriving Arina East community with this promising redevelopment site.
Residents of Arina East, developed by Zacd Group, are in for a convenient and dynamic lifestyle with plenty of amenities close by. These include popular destinations like Kallang Wave Mall, Parkway Parade, and a variety of dining choices along the bustling East Coast Road and Tanjong Rhu. For those seeking a taste of Singapore’s famous hawker fare, the Old Airport Road Food Centre is also within reach.
Not only does Arina East boast a prime location, it is also surrounded by reputable schools such as Dunman High School, Kong Hwa Primary School, and the Canadian International School (Tanjong Katong). Parents can be assured of quality education options for their children right at their doorstep.
The development’s strategic positioning also offers easy access to major expressways, making commuting a breeze for residents. With the upcoming Tanjong Rhu MRT station just a short distance away, getting around the city will be even more convenient.
Arina East is designed to provide a balanced lifestyle for its residents, with an array of facilities including a swimming pool, children’s playground, gym, and landscaped gardens. With its thoughtful design and prime location, Arina East by Zacd Group offers residents the perfect blend of modern living and convenience.
A new development has emerged as property owners, accounting for an estimated 80% of the share value and floor area, have reached a consensus for a collective sale at a reduced price. La Ville, a 40-unit high-rise constructed in the 1980s, sits on a land parcel of 47,012 square feet and is zoned for residential purposes. Based on the Urban Redevelopment Authority’s 2019 Master Plan, the site’s gross plot ratio stands at 2.1.
If the sale goes through, the Arina East Zacd Group could potentially acquire this prime property, which has great potential for redevelopment. This collective sale has been long-awaited as it presents a rare opportunity for developers to tap into the thriving residential market. Furthermore, the lowered price may further entice interested parties to seize this golden investment opportunity.
According to industry experts, this collective sale could potentially spur more en bloc deals in the region, as owners of older properties are more willing to let go at a lower price amidst the current market conditions. With the Arina East Zacd Group being one of the key players in the property development sector, their involvement in this collective sale could bring about positive changes to the local real estate landscape.
Should the acquisition be successful, it is believed that the Arina East Zacd Group will bring fresh perspectives and innovative ideas to the redevelopment of La Ville. This could potentially increase the property’s value and attract more homebuyers to the area. With its favorable location and potential for development, La Ville is poised to become a highly sought-after residential project in the future.
In conclusion, with the collective sale agreement reached and the potential involvement of the Arina East Zacd Group, the future looks promising for La Ville. As the property market continues to evolve, this could be a prime opportunity for developers to rejuvenate the aging property and offer a new and exciting living experience for future homeowners.
There is a strong possibility that the recently rebranded Arina East Residences, formerly known as the Tanjong Rhu site, will attract a high level of attention from potential investors, according to Tan Hong Boon, JLL’s executive director of capital markets. He points out that the site’s prime location and dearth of similar residential projects in the Tanjong Rhu district make it an attractive opportunity.
Arina East Residences stands to gain from its strategic location near the future Katong Park MRT station on the Thomson-East Coast line, which is approximately 250 meters away. This prime development also boasts close proximity to popular attractions such as Katong Park, the serene beaches of East Coast Park, and the renowned Gardens by the Bay.
The upcoming Katong Park MRT station is set to be a game-changer for the residents of Arina East Residences. With easy access to this highly anticipated transportation hub, residents will enjoy convenient and seamless connections to major parts of Singapore. This presents an added advantage for those who work or study in the city, cutting down on precious commuting time.
In addition to its exceptional location, Arina East Residences offers a wide array of lifestyle options for its residents. For nature enthusiasts, the nearby Katong Park provides a tranquil escape from the bustling city life. The famous East Coast Park beaches are also just a stone’s throw away, perfect for a weekend family outing or a leisurely stroll by the sea.
For those looking for more urban activities, the nearby Gardens by the Bay offers a unique blend of nature and modern architecture. With its iconic Supertrees and various exhibitions and events, residents of Arina East Residences will have endless opportunities for entertainment and relaxation.
With all these attractions within close proximity, Arina East Residences truly offers the best of both worlds – a serene and tranquil environment coupled with easy access to modern conveniences. It is no doubt that this development by Zacd Group will be highly sought-after by those looking for their dream home in the vibrant East Coast area.
Arina East Residences has been identified as a highly promising redevelopment prospect, making it a desirable venture for developers looking to undertake mid-sized, upscale residential projects. Interested parties have until November 30th at 3 pm to submit their bids for this prime property.