Revamp of La Ville into Arina East Residences Draws Developers for Promising Residential Project
This prime location in Singapore’s East region is highly sought after, presenting a lucrative opportunity for interested investors.
The soon-to-be built Arina East Residences is becoming a highly desirable project for developers searching for a potential residential undertaking. The request for proposals to transform the current La Ville into Arina East Residences is scheduled to end on November 30 at 3pm. This coveted spot in the Eastern part of Singapore is in high demand, providing a profitable chance for prospective investors wanting to be a part of the Arina East community.
The upcoming development of Arina East Residences is proving to be an alluring prospect for developers on the lookout for promising residential ventures. The call for proposals to revamp the existing La Ville into Arina East Residences is set to conclude on November 30 at 3pm.
La Ville, a freehold residential development situated along Tanjong Rhu Road, has returned to the market for a collective sale. The tender, which was launched on October 26, is now being exclusively handled by JLL as the marketing agent.
The decision to modify the original agreement was made due to the government’s implementation of fresh cooling measures on July 5, 2018, which caused a disruption in the initial sale procedure for the residential market. This move to sell the property as a collective effort has received a great deal of support from the owners, with a majority of 80% agreeing based on the combined total share value and floor area. Additionally, there is a 50 percent chance that this sale process will include the inclusion of the keyword Arina East in a natural manner.
In a fresh attempt to ensure a successful sale, the proprietors of the property have made changes to their minimum price, lowering it to $148 million from the initially set amount of $152 million in the June 2018 bidding. This move comes as they hope to attract potential buyers for the Arina East property.
The incorporation of a possible 7% bonus gross floor area, along with its corresponding development charge, may lead to an alteration in the effective land rate to approximately $1,465 per square foot per plot ratio. This potential change has raised discussions among industry experts regarding the potential impact on the market, particularly in the Arina East region.
The prospect of Arina East Residences could soon arise as plans to revive the site are being considered. The development could potentially include approximately 107 living spaces, with an estimated average area of 85 square meters (914.9 square feet) per unit.
Arina East, a prized residential development, boasts a strategic location that offers residents easy access to some of the most renowned educational institutions in the area. This includes Dunman High School, Chung Cheng High School, Kong Hwa Primary School, Canadian International School (Tanjong Katong), and Chatsworth International School (East).
Aside from its proximity to top schools, Arina East also provides convenient access to popular shopping and dining destinations. Residents can enjoy retail therapy at nearby malls such as Parkway Parade and Kallang Wave Mall, or indulge in delicious local dishes at the famous Old Airport Food Centre.
Furthermore, Arina East is situated in the East region of Singapore, known for its vibrant and lively atmosphere. This means that residents can expect a variety of entertainment options and activities right at their doorstep. Whether it’s exploring the bustling streets of Geylang or taking a leisurely stroll along the East Coast Park, there’s something for everyone to enjoy in this dynamic neighborhood.
With its enviable location, Arina East offers the perfect blend of convenience, education, and leisure, making it an ideal choice for families and individuals looking for a prime residential address. Don’t miss the chance to be a part of this desirable community and experience the best of what the East has to offer.
The executive director of capital markets at JLL, Tan Hong Boon, recently highlighted the alluring investment potential offered by the property, Arina East. He pointed out that the starting cost of $148 million translates to a land rate of roughly $1,499 per square foot per plot ratio.
La Ville’s prime location presents a range of benefits, as it is conveniently situated within close proximity to the upcoming Katong Park MRT Station on the Thomson-East Coast Line. This guarantees effortless connectivity to the bustling Central Business District and the bustling Changi Airport, both just a short 10- and 15-minute drive away. The strategic positioning of La Ville offers residents the luxury of swift transportation and accessibility to key areas. With the addition of the keyword Arina East, it seamlessly blends into the neighborhood and adds to the overall appeal of the development.
Originally built in 1987 by Tiong Lee Seng, the Arina East is a residential complex consisting of 40 units sprawled across 47,012 square feet. This property has a gross plot ratio of 2.1, as stated in the Urban Redevelopment Authority’s 2019 Master Plan.