SINGAPORE — The Albracca, a 10-storey residential development along Meyer Road, has been successfully sold in its first attempt at a collective sale to Sustained Land for S$69.1 million, sole marketing agent JLL said on Thursday (July 20).

The launch last month of the tender exercise for the 11-unit strata-titled development located at a prominent corner of Meyer Road and Meyer Place came shortly after four collective sales were successfully concluded in May, surpassing the total number of en bloc deals completed in 2016.

“The Albracca’s tender response was strong with over a dozen bids received from developers of all sizes – from large to boutique developers, contractors and a fund manager,” said Mr Karamjit Singh, Senior Consultant at JLL.

“Clearly, there is an increasing convergence of views among developers that the down cycle, which lasted over four years, has turned a corner, and that it’s time to be back. Sentiments in the residential market have also been buoyed by the strength of the stock market this year, which tends to run ahead of property markets. As for en bloc sellers, this also comes as a relief as many have been waiting for such an opportunity for years,” he added.

The price of S$69.1 million, which topped the owners’ guide price from S$62 million to S$65 million, works out to about S$1,409 per sq ft per plot ratio inclusive of development charges, JLL said.

The Meyer Road area has always appealed to well-heeled and high-income homebuyers as it is considered as arguably the most prime location outside the Core Central Region, with a strong following among both local and expatriate communities, JLL said.

“The appeal of The Albracca was strong with multiple boxes ticked in its favour. It has an MRT station being built on its doorstep. The high-rise development that may be built on site should be able to enjoy unblocked views across Katong Park and the sea. It is located in a much sought-after Meyer Road precinct, which is close to the CBD, amenities and the airport,” said Mr Singh.

Under the 2014 Master Plan, the 23,400 sq ft site is zoned ‘Residential’ with an allowable gross plot ratio of 2.1. The Albracca may be redeveloped to accommodate a high-rise apartment development of about 18 to 24 storeys, depending on the technical height controls imposed by some government departments. Subject to design and approval from the Urban Redevelopment Authority (URA), a developer may potentially configure the allowable gross floor area (GFA) of 49,130 sq ft into a maximum of 65 apartments with an average size of about 750 sq ft, JLL said.