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Thread: Fragrance bags Novena Ville for 131.5m

  1. #1
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    Default Fragrance bags Novena Ville for 131.5m

    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.

  2. #2
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    They gonna build more MM and sell at 2200psf?

  3. #3
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    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).

  4. #4
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    We had fond memories of this place.
    Maybe, can get a unit when fragrance develop it

  5. #5
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    Quote Originally Posted by carbuncle
    They gonna build more MM and sell at 2200psf?
    Is it gonna be so high considering there is a mix of commercial units there?

  6. #6
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    Quote Originally Posted by carbuncle
    They gonna build more MM and sell at 2200psf?
    Should be starting from 2500psf

  7. #7
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    Build MM and call it Suites @ Novena?

  8. #8
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    Quote Originally Posted by kane
    Build MM and call it Suites @ Novena?
    Novena Grandeur. Wakakaka

  9. #9
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    Quote Originally Posted by TheOnlyGayInTheVillage
    Novena Grandeur. Wakakaka

    WDFFF.. wah a wfwt nickname

  10. #10
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    Quote Originally Posted by dtrax
    WDFFF.. wah a wfwt nickname
    You dont like ah... Sad

  11. #11
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    Quote Originally Posted by TheOnlyGayInTheVillage
    You dont like ah... Sad
    why u make another account?
    I took the road less traveled by, and that has made all the difference. - Robert Frost quotes (American poet, 1874-1963)

  12. #12
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    Quote Originally Posted by roly8
    why u make another account?
    reflects me better ma.... kekeke

  13. #13
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    Quote Originally Posted by TheOnlyGayInTheVillage
    You dont like ah... Sad
    scares away little boys

  14. #14
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    Quote Originally Posted by dtrax
    scares away little boys
    i don wanch underage little boi bois... no money one also

  15. #15
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    Default Fragrance bags Novena Ville for $131.5m

    http://www.businesstimes.com.sg/arch...na-ville-1315m

    Published May 26, 2012

    Fragrance bags Novena Ville for $131.5m

    By Mindy Tan


    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.

  16. #16
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    Default Novena Ville sold en bloc for $131m

    http://www.straitstimes.com/Singapor...ry_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


    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]

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