The freehold development La Ville was sold on 1 Dec 2021 via collective sale on its third attempt to Hong Kong-listed ZACD Group for S$152 million - above its reserve price.
The high-rise development, which is situated along Tanjong Rhu in District 15, was put up for sale in October this year for S$148 million, but finally went for higher following strong competition among bidders.
Image of La Ville
La Ville Historical Price Trend
1 Dec 2021
THIRD time is the charm for freehold development La Ville which was sold via collective sale on its third attempt to Hong Kong-listed ZACD Group for S$152 million - above its reserve price.
The high-rise development, which is situated along Tanjong Rhu in District 15, was put up for sale in October this year for S$148 million, but finally went for higher following strong competition among bidders, The Business Times understands.
A previous attempt took place in May 2018 when a tender was launched at an asking price of S$152 million, but talks with interested parties during the private treaty period were shelved after the July 2018 cooling measures were rolled out.
Tan Hong Boon, executive director at JLL, highlighted that the freehold site saw very keen interest thanks to its sought-after address. JLL is the sole marketing agent for the sale.
Tan said: "The winning bid of S$152 million translates to a land rate of approximately S$1,540 per square feet per plot ratio (psf ppr). Factoring in an additional 7 per cent bonus gross floor area and the corresponding development charge, the unit land rate will be about S$1,477 psf ppr. At this sale price, the owners would expect to receive gross sales proceeds between S$3 and S$5.9 million per unit."
Built in the 1980s, 40-unit La Ville has a land area of around 47,012 square feet (sq ft) and is zoned "residential" with an allowable gross plot ratio (GPR) of 2.1 under the Urban Redevelopment Authority's 2019 Master Plan.
26 Oct 2021
Freehold property La Ville at Tanjong Rhu is up for collective sale again, with a reserve price of $148 million, said sole marketing agent JLL on Tuesday (Oct 26).
The property was previously launched for tender in June 2018 with an asking price of $152 million, but it was halted after the government announced property cooling measures in July that year.
This round, the owners - representing more than 80 per cent by total share value and by total floor area - have executed the collective sale agreement and lowered their reserve price.
The 40-unit high-rise development, constructed in the 1980s, has a land area of 47,012 square feet (sq ft) and is zoned "residential" with an allowable gross plot ratio of 2.1 under the Urban Redevelopment Authority's 2019 Master Plan.
The subject site can potentially be redeveloped into 107 residential units, based on the minimum average size of 85 square metres.
Its minimum price reflects a unit land rate of $1,499 per sq ft per plot ratio (psf ppr). After factoring in an additional 7 per cent bonus gross floor area and the corresponding development charge, the unit land rate will be about $1,465 psf ppr.
17 May 2018
Meanwhile, the high-rise La Ville in the Tanjong Rhu area has a minimum price of $152 million, or $1,540 psf. It is close to the Singapore Sports Hub and Singapore Indoor Stadium, Gardens by the Bay and East Coast Park.
