Novena Ville up for collective sale

[reporter2]

http://www.businesstimes.com.sg/arch...ollective-sale

Published April 26, 2012

Novena Ville up for collective sale

Tender expected to draw interest from medium to large developers

By michelle tan


NOVENA Ville is set to hop onto the fast-loading bandwagon of properties put up for collective sale this year.

Launched yesterday by property consultants Credo Real Estate, the 43-unit freehold mixed-use development located in District 11 boasts a site area of 51,092 square feet (sq ft) and has an indicative asking range of between $125 million and $135 million. This translates to a land rate of about $1,748 per square foot per plot ratio (psf ppr) to $1,887 psf ppr based on a gross plot ratio of 1.4. However, if the extra 10 per cent balcony allowance from the residential units is factored in, the land rates will be reduced to around $1,626 psf ppr to $1,756 psf ppr as no development charge would be payable for the redevelopment of the prime plot.

Under the 2008 Master Plan, the 1.4 gross plot ratio site is zoned "residential with commercial at 1st storey" and can be built up to a maximum height of four storeys.

Said Tan Hong Boon, deputy managing director at Credo Real Estate: "The launch of Novena Ville comes hot on the heels of aggressive bidding seen for en bloc sites with similar potential to accommodate ground floor shops, such as Hong Leong Garden Shopping Centre, Henry Park Apartments, Seletar Garden and Tai Keng Court."

He said that given the site's close proximity to the Novena MRT station (200 metres) and surrounding shopping malls such as Velocity @ Novena Square, and the medium scale of investment necessary to redevelop the area, the tender is expected to draw interest primarily from medium to large developers.

So far, more than 80 per cent of the owners (by share value and strata floor area) of the development, which comprises 33 walk-up apartments and 10 shops, have signed a collective sale agreement to sell the property.

The tender for Novena Ville will close on May 24.

[Fisherman]

Title:Novena Ville sold in collective sale exercise for S$131.5m By:Date:24 May 2012 2313 hrs (SST) URL:http://www.channelnewsasia.com/stori...203388/1/.html
SINGAPORE: The freehold mixed-use development Novena Ville has been successfully sold in a collective sale exercise for S$131.5 million to property developer Fragrance Group.

The sale price is slightly higher than the asking price of S$125 million to S$135 million.

The development comprises 33 apartments and 10 shop units.

Each apartment owner stands to receive gross sales proceeds of between S$2.1 million and S$2.7 million and each shop owner, between S$4.8 million and S$6.3 million.

Credo Real Estate, who handled the sale, said the sale price reflects a land rate of S$1,730 psf per plot ratio. No development charge is payable for redevelopment of the site.

The freehold site, launched on April 26, has a land area of about 51,092 sq ft. It has a gross plot ratio (GPR) of 1.4 and an allowable height of up to four storeys.

The development received four bids, when the tender closed on May 24.

Credo said Novena Ville's key attraction lies in its mixed-use zoning and location on Thomson Road and its proximity to shopping centres like Novena Square, Square 2, and United Square.

- CNA/cc

[mkl22]

wah 1730ppr land cost! means at least 2500psf breakeven and 3000psf selling price?

[gn108]

If CMs hits the commercial segment, Fragrance won't be smelling sweet.
Betting big on mixed developments and commercial space.

[stl67]

wah 1730ppr land cost! means at least 2500psf breakeven and 3000psf selling price?

Yah i was thinkg they a bit hiong. I remember the group who enbloc the plot in Tai Keng also very hiong. Was it the same group or Oxley?