Based on the sale price of $152 million, the 40 unit owners at LaVlle will walk away with proceeds of $3 million to $5.9 million each (Credit: JLL)
SINGAPORE (EDGEPROP) - The 40-unit La Ville, located at Tanjong Rhu, has been sold for $152 million to Hong Kong-listed property firm ZACD Group. The purchase price of $152 million translates to a land rate of $1,540 psf per plot ratio (ppr), says Tan Hong Boon, JLL executive director, the sole marketing agent.
After factoring in an additional 7% bonus gross floor area (GFA), the unit land rate will be about $1,477 psf ppr.
Built in the 1980s, the 40-unit La Ville sits on a freehold land area of 47,012 sq ft. The site is zoned residential with a plot ratio of 2.1 under the 2019 Master Plan. The site has the potential to be redeveloped into a new 107-unit condominium project based on an average size of 85 sqm (915 sq ft).
This is La Ville’s third collective sale attempt. Lee Liat Yeang, senior partner of Dentons Rodyk’s Real Estate practice group was the lawyer who advised the consenting owners on the collective sale. More than 80% of the owners had agreed to the collective sale.
Based on the $152 million sale price, owners of La Ville will walk away with proceeds of between $3 million and $5.9 million per unit, according to Tan.
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