JLL Reveals Freehold Property Arina East Residences Put Up for Collective Sale Once Again at $148 Million Reserve Price in Tanjong Rhu Area
JLL, the exclusive marketing agent, has announced that Arina East Residences (formerly known as La Ville) is now up for collective sale again. Situated in the highly sought-after Tanjong Rhu region, the freehold development has a revised reserve price of $148 million. This comes after an unsuccessful attempt to sell the property in June 2018, where it was first listed at $152 million. However, the tender was postponed due to the government’s introduction of property cooling measures in July of the same year.
JLL, the sole marketing agent, has revealed that the freehold property formerly known as La Ville has been put up for collective sale once again. Located in the prestigious Tanjong Rhu area, the property now has a revised reserve price of $148 million. This news comes after an unsuccessful attempt to sell the property in June 2018, when it was initially listed at $152 million. The tender was then put on hold due to the government’s implementation of property cooling measures in July of the same year.
JLL’s executive director of capital markets, Tan Hong Boon, foresees strong demand for the plot, which is set to be known as Arina East Residences, citing its premium location and scarcity of similar residential development prospects in Tanjong Rhu.
JLL’s Tan Hong Boon, the executive director of capital markets, expects the land parcel to garner significant attention due to its prime location and limited availability of comparable residential development opportunities in the Tanjong Rhu neighborhood. The site is now set to be developed into Arina East Residences, further enhancing its appeal to potential buyers and investors.
Arina East Residences is a highly desirable option for developers looking to invest in a prime residential project. This property offers a promising opportunity for redevelopment and the tender for its sale will close on November 30 at 3 pm.
Considered to be a “captivating prospect,” Arina East Residences is an ideal choice for developers in search of a mid-sized, preeminent housing venture. The call for bids for this property will terminate at 3 o’clock in the afternoon on November 30.
There has been a recent development in the collective sale market, with an overwhelming majority of property owners, who hold a combined 80% share value and floor area, reaching a consensus to proceed with the sale at a reduced price. The property in question is La Ville, a 40-unit high-rise constructed in the 1980s, situated on a land size of 47,012 square feet, and zoned for “residential” purposes. The Urban Redevelopment Authority’s 2019 Master Plan has designated an allowable gross plot ratio of 2.1 for this development.
Arina East Residences offers its residents convenient access to a range of amenities, including the popular Kallang Wave Mall and Parkway Parade. The surrounding area also boasts numerous dining establishments along East Coast Road and in Tanjong Rhu, as well as the renowned Old Airport Road Food Centre. This area is also home to highly-regarded educational institutions such as Dunman High School, Kong Hwa Primary School, and the Canadian International School (Tanjong Katong). With Arina East Residences, residents have easy access to all that this bustling area has to offer.
Arina East Residences is perfectly situated to take advantage of the upcoming Katong Park MRT station on the highly-anticipated Thomson-East Coast line. With its prime location just 250 meters away, residents of the development will have easy access to this convenient mode of transportation. In addition, Arina East Residences is also in close proximity to other popular destinations such as Katong Park, the East Coast Park beaches, and Gardens by the Bay.
One of the main highlights of Arina East Residences is its close proximity to the forthcoming Katong Park MRT station. This highly-anticipated station, which is only 250 meters away, will make commuting a breeze for residents. The Thomson-East Coast line is expected to provide seamless connectivity to other parts of Singapore, making it a convenient option for those who work or study in different areas.
Apart from its great location near the future MRT station, Arina East Residences also boasts easy access to popular leisure spots. Katong Park is just a stone’s throw away, providing residents with a tranquil escape from the bustle of the city. Additionally, the beautiful East Coast Park beaches are just a short drive away, perfect for a day of fun in the sun. Residents can also take a leisurely stroll to the scenic Gardens by the Bay and enjoy the stunning views and recreational activities available.
With its unbeatable location and easy access to public transportation and popular destinations, Arina East Residences offers residents a truly convenient and desirable lifestyle. Whether it’s for work or play, this development is perfectly situated to cater to the needs and preferences of its residents. Don’t miss the chance to be a part of this thriving community at Arina East Residences.
The plot of land at Arina East Residences presents an exciting opportunity for redevelopment, with the potential to build up to 107 residential units. These units are estimated to have an average size of 85 square meters each. The current asking price for the land equates to a land rate of $1,499 per square foot per plot ratio (psf ppr). However, with the inclusion of a 7% bonus gross floor area and the necessary development charge, the effective land rate adjusts to around $1,465 psf ppr. This means that the development potential is promising, and the final cost of the land is still within reasonable range.