» 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.