Le Arc Apartment, a 12-unit residential development at 6, Lorong 26 Geylang has been put up for collective sale, with the owners expecting offers of between $20 million and $22 million.
This works out to about $915.59 psf per plot ratio (psf ppr) or $832.35 psf ppr after taking into account the 10 percent bonus balcony space as well as the development charge of about $150,000.
Each owner is expected to receive $1.6 million to $1.8 million in proceeds from the successful sale of the freehold property.
Comprising a gross plot ratio of 2.8, the 7,859.9 sq ft site is zoned residential under the 2014 Master Plan with an allowable height of up to eight storeys.
Located near the Aljunied and Dakota MRT stations, the freehold property is within 1km from Kong Hwa School and Geylang Methodist School (Primary).
ERA Realty Network, the property’s sole marketing agent, noted that the site can potentially yield 23 to 30 new housing units.
The tender for Le Arc Apartment closes on 7 November.