Property market records fifth en-bloc sale this year

The Albracca at Meyer Road was sold collectively for $69.1m.

Singapore has seen its fifth en-bloc sale this year with Sustained Land Pte Ltd buying Albracca, a 10-storey residential development along Meyer Road, for $69.1m.

The Albracca is an 11-unit strata-titled development located at a prominent corner of Meyer Road and Meyer Place. More than 80% of the owners had inked their consent to sell their property in an en bloc sale.

The launch of this tender exercise came shortly after four collective sales were successfully concluded in May 2017, surpassing the total number of en bloc deals completed in 2016.

JLL senior consultant Karamjit Singh the tender for the site was strong with over a dozen bids received from developers of all sizes – from large to boutique developers, contractors and a fund manager.

“Clearly, there is an increasing convergence of views amongst developers that the down cycle, which lasted over 4 years, has turned a corner, and that it’s time to be back. Sentiments in the residential market have also been buoyed by the strength of the stock market this year, which tends to run ahead of property markets. As for en bloc sellers, this also comes as a relief as many have been waiting for such an opportunity for years," he added.

Singh noted that the Albracca has an MRT station being built on its doorstep. The high-rise development that may be built on-site should be able to enjoy unblocked views across Katong Park and the sea. It’s located in a much sought-after Meyer Road precinct, which is close to the CBD, amenities and the airport.

This station under construction, known as Katong Park station, is part of the Thomson-East Coast line slated to be ready some time in 2023. As part of the MRT plan, it would be only 5 stops away from Raffles Place and Shenton Way. Aside from MRT connectivity, residents may also cycle to work in the CBD via the cycling track at the beach, as Singapore transitions into a car-light society.