12-unit Le Arc Apartment on Lorong 26 Geylang, off Geylang Road in district 14, has launched for a collective sale attempt, announced marketing agent ERA Realty Network.
The owners are expecting $20 million to $22 million for the freehold property. The price translates to about $915.59 psf per plot ratio (ppr), or $832.35 psf ppr when taking into account the 10% bonus balcony area and relevant development charges.
The property sits on a 7,859.9 sq ft site that is zoned for residential use, with a gross plot ratio of 2.8, under the 2014 Master Plan. The site also has an allowable height of 8 storeys, subject to URA’s confirmation. Development charges for redeveloping the site are expected to be about $150,000.
Le Arc Apartment currently comprises a four-storey block with 12 apartment units. The new development could comprise up to 23-30 apartment units, or a proposed gross floor area of 22,007.6 sq ft.
More than 80% of the owners have agreed to sell the property collectively, says Stanley Koo, division director at ERA Realty. If the sale goes through, each owner is expected to walk away with between $1.6 million and $1.8 million.
The tender closes on Nov 7.