Singapore: The Margate Point development in Singapore is aback on the market at a reduced price of S$36.5 million (£21 million).
The 15-unit building has a land area of about 12,800 square feet and is zoned Residential with an allowable gross plot ratio (GPR) of 2.1 under the 2014 Master Plan.
According to JLL, the property may be redeveloped into a high-rise apartment project comprising a maximum of 24 units with an average size of 100 square metres per unit or it could also be suitable as a serviced residence or as a co-living development depending on the approval from the authorities.
“If approved for serviced apartments, the new development is estimated to be able to accommodate some 50 to 60 rooms which could be rented for a minimum seven-day stay,” JLL explained.
Margate Point is about 15 to 20 minutes from the Central Business District and the Changi Airport. Additionally, the upcoming Katong Park MRT station which is expected to be completed in 2023 is approximately 400 metres away from the property.
To find out more about the Asian serviced apartment sector, don’t miss the first ever dedicated event for the industry, Serviced Apartment Summit Asia, which takes place in Bangkok on February 21 and 22.
