Freehold property La Ville is up for collective sale
La Ville is located in Tanhong Rhu, within 250m from the upcoming Katong Park MRT Station on the Thomson-East Coast line. The future developmet will also be close to Katong Park, beaches at East Coast Park and Gardens By the Bay.
North Gaia EC is a new EC to be launched next year in Yishun town, on the other side of the island.
Future residents will be able to find lots of amenities including Kallang Wave Mall and Parkway Parade, with food and beverage options at East Coast Road and Tanjong Rhu, and Old Airport Road Food Centre.
Parents with children will find prestigious schools in this area include Kong Hwa Primary School, Dunman High School, and Canadian International School.
Property market expert is anticipating very strong interests from developers for its sought-after address and conveniences. The lack of supply in the Tanjong Rhu enclave gives another edge.
La Ville at Tanjong Rhu is a freehold property. 3 years ago in 2018, La Ville launched for tender with an asking price of S$152 million. But the timing was just not right - Singapore government announced residential market cooling measures in July 2018. The tender had to be put a stop. Now owners had exceeded the 80% bar by total share value and by total floor area and reached collective sale agreement
In the current seller-market situation, La Ville did not increase the asking, but put a lower reserve price of S$148 million. At this price, it derives the rate of S$1,499 per sq ft per plot ratio (psf ppr). After including the additional 7 per cent bonus gross floor area and the development cost, the land rate will be about S$1,439 psf ppr.
The La Ville site can potentially be redeveloped into 107 residential units based on the minimum average size of 85 square metres. This is a very compelling redevelopment opportunity for real estate developers to build houses in this prime location.