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View Full Version : Fragrance bags Novena Ville for 131.5m



carbuncle
26-05-12, 10:36
» Fragrance bags Novena
Ville for $131.5m
Business Times: Sat, May 26
NOVENA Ville, a freehold
mixed-use development, has
been sold to Fragrance Group
for $131.5 million.
The sale price works out to $
1,839 per square foot per plot
ratio (psf ppr).
Inclusive of the additional 10
per cent allowance for the
balcony space of the
residential component, this
reflects a land rate of some $
1,730 psf ppr.
No development charge is
payable for redevelopment of
the site.
The development, which
comprises 33 apartments and
10 shop units, has a land area
of about 51,092 sq ft.
The site is zoned "residential
with commercial at first
storey", with gross plot ratio
of 1.4 and an allowable height
of up to four storeys. This
works out to a gross floor
area of about 71,529 sq ft.
"Given Novena Ville's location
within close proximity to
shopping centres like Novena
Square, Square 2, United
Square, etc, its reasonable
sized land area and mixed-use
zoning will allow the
developer great flexibility to
design a unique residential
development with a modern
and exciting complementary
commercial cluster," said Tan
Hong Boon, deputy managing
director at Credo Real Estate,
the marketing agent who
handled the sale.
"This new development will
definitely add vibrancy to the
existing mix of dining and
shopping options available in
the locale," said Mr Tan.
With the sale, each apartment
owner stands to receive gross
sales proceeds of between $
2.1 million and $2.7 million.
Each shop owner will receive
between $4.8 million and $6.3
million.
"When the tender for Novena
Ville was launched on April
26, 2012, the owners had an
asking price of $125 million to
$135 million," said Mr Tan.
At the close on May 24, the
tender exercise was hotly and
tightly contested with very
competitive bids from four
parties, he added.
Source: Business Times ©
Singapore Press Holdings Ltd.

carbuncle
26-05-12, 10:38
They gonna build more MM and sell at 2200psf?

rymccondo77
26-05-12, 12:19
I wonder if the eateries like Wee Nam Kee Chicken Rice would be retained?

Just as well that Wee Nam Kee has already set up outlets in other places (e.g. Marina Square and overseas in Philippines).

marktkt22
26-05-12, 13:00
We had fond memories of this place.
Maybe, can get a unit when fragrance develop it

bakasa2002
26-05-12, 17:48
They gonna build more MM and sell at 2200psf?

Is it gonna be so high considering there is a mix of commercial units there?

trump7
26-05-12, 18:01
They gonna build more MM and sell at 2200psf?

Should be starting from 2500psf :rolleyes:

kane
26-05-12, 23:14
Build MM and call it Suites @ Novena?

TheOnlyGayInTheVillage
27-05-12, 03:48
Build MM and call it Suites @ Novena?
Novena Grandeur. Wakakaka

dtrax
27-05-12, 04:39
Novena Grandeur. Wakakaka


WDFFF.. wah a wfwt nickname

TheOnlyGayInTheVillage
27-05-12, 08:29
WDFFF.. wah a wfwt nickname
You dont like ah... Sad

roly8
27-05-12, 09:47
You dont like ah... Sad

why u make another account? :doh::doh:

TheOnlyGayInTheVillage
27-05-12, 17:58
why u make another account? :doh::doh:

reflects me better ma.... kekeke :tongue3: :cheers6:

dtrax
27-05-12, 18:12
You dont like ah... Sad

scares away little boys

TheOnlyGayInTheVillage
27-05-12, 18:48
scares away little boys

i don wanch underage little boi bois... no money one also

reporter2
28-05-12, 15:29
http://www.businesstimes.com.sg/archive/saturday/premium/companies/others/fragrance-bags-novena-ville-1315m

Published May 26, 2012

Fragrance bags Novena Ville for $131.5m

By Mindy Tan

http://www.businesstimes.com.sg/archive/saturday/sites/businesstimes.com.sg/files/imagecache/image_300x200/BT_20120526_MTNOVENA26_1299430.jpg
NOVENA VILLE
With the sale, each apartment owner stands to receive gross sales proceeds of between $2.1million and $2.7 million. Each shop owner will receive between $4.8 million and $6.3million.

NOVENA Ville, a freehold mixed-use development, has been sold to Fragrance Group for $131.5 million.

The sale price works out to $1,839 per square foot per plot ratio (psf ppr).

Inclusive of the additional 10 per cent allowance for the balcony space of the residential component, this reflects a land rate of some $1,730 psf ppr.

No development charge is payable for redevelopment of the site.

The development, which comprises 33 apartments and 10 shop units, has a land area of about 51,092 sq ft.

The site is zoned "residential with commercial at first storey", with gross plot ratio of 1.4 and an allowable height of up to four storeys. This works out to a gross floor area of about 71,529 sq ft.

"Given Novena Ville's location within close proximity to shopping centres like Novena Square, Square 2, United Square, etc, its reasonable sized land area and mixed-use zoning will allow the developer great flexibility to design a unique residential development with a modern and exciting complementary commercial cluster," said Tan Hong Boon, deputy managing director at Credo Real Estate, the marketing agent who handled the sale.

"This new development will definitely add vibrancy to the existing mix of dining and shopping options available in the locale," said Mr Tan.

With the sale, each apartment owner stands to receive gross sales proceeds of between $2.1 million and $2.7 million.

Each shop owner will receive between $4.8 million and $6.3 million.

"When the tender for Novena Ville was launched on April 26, 2012, the owners had an asking price of $125 million to $135 million," said Mr Tan.

At the close on May 24, the tender exercise was hotly and tightly contested with very competitive bids from four parties, he added.

reporter2
28-05-12, 16:40
http://www.straitstimes.com/Singapore/Story/STIStory_803302.html

Novena Ville sold en bloc for $131m

Tenants such as Wee Nam Kee Chicken Rice uncertain about future

Published on May 26, 2012

http://www.straitstimes.com/STI/STIMEDIA/image/20120525/ST_IMAGES_LHNOVENA2.jpg
Novena Ville is a freehold mixed-use development comprising 33 apartments and 10 shop units, including the well-known Wee Nam Kee Chicken Rice shop and The Vines Seafood and Steak Restaurant. -- PHOTO: DESMOND LUI FOR THE STRAITS TIMES

By LESTER HIO

TENANTS of a busy stretch of eateries in Novena are weighing their future after the Novena Ville site was sold to the Fragrance Group for $131.52 million.

A subsidiary of Fragrance bought the site in a collective sale on Thursday.

The firm has yet to announce its redevelopment plans.

Novena Ville comprises 33 apartments and 10 shop units, which include restaurants like the well-known Wee Nam Kee Chicken Rice shop and The Vines Seafood and Steak Restaurant.

The main concern of the tenants is what the new development would mean for their shops.

Mr Alan Lim, 53, who owns Penang Road Cafe along with his wife, Madam Agatha Chan, was resigned to the sale.

'We can't help it. We just rent the place, so if it's sold and we have to move out, so be it.'

Mr Lim declined to give a rental figure, but said it is 'more than $10,000 per month'.

'We will look for a new place to go to after a few months, since it usually takes a while to find one,' he added.

Mr Tarsem Singh, manager of Aromas of India, which opened three years ago, is worried the sale would cost jobs at the eatery.

He said: 'The business has already settled here, so it's difficult to move elsewhere and set up at another location.

'We have about six to seven staff. If the restaurant owner doesn't want to move, then the restaurant will close down, and people will lose their jobs.'

The owners of Wee Nam Kee Chicken Rice, which has been there since 1989, could not be reached for comment. An employee said it was too early to discuss the shop's plans.

Mr Tan Hong Boon, deputy managing director at Credo Real Estate, who handled the sale, said: 'With the sale, each apartment owner stands to receive gross sales proceeds of between $2.1 million and $2.7 million, and each shop owner between $4.8 million and $6.3 million.'

Mr Kelvin Ho, chairman of the sale committee for Novena Ville, said the collective sale generated about 30 to 40 per cent profit above current market prices for both apartment and shop owners.

More than 80 per cent of the owners had signed a collective sale agreement to sell the property, which has a land area of 4,746 sq m.

The tender for the site opposite Novena Church had an asking price of $125 million to $135 million when it went on sale last month.

[email protected]