The Albracca Condo sold to Sustained Land for $69m

The Albracca Condo @ Meyer Road - the fifth en bloc of 2017 was sold to Sustained Land for $69m. The price translates to $1,409 per sq ft per plot ratio and there will be a new condo of 65 apartments developed on the site.

New Condo @ The Albracca En bloc site

The Freehold Albracca near Tanjong Rhu were home to apartments of 1,658 sq ft to 3,972 sq ft. So each owner stands to pocket "slightly under $4 million to $7 million plus", said JLL senior consultant Karamjit Singh.

The 23,400 sq ft Meyer Road site for the new residential development with the allowable gross plot ratio of 2.1 is very near the upcoming Katong Park MRT station. And this new launch on The Albracca site can house 65 apartments with an average size of 70 sq m or about 750 sq ft.

"Clearly, there is an increasing convergence of views among developers that the down cycle, which lasted over four years, has turned a. corner." said JLL senior consultant Karamjit Singh.

There are 4 en bloc deals completed in recent months including Goh & Goh Building, One Tree Hill Gardens, the former HUDC estates Rio Casa and Eunosville

Including The Albracca New Condo, the collective sale transactions reach the total value of $1.58 billion this year - trumping the three deals, worth $1 billion in all, done last year.