Published March 6, 2007

Nathan Ville in River Valley sold for $79m


NATHAN Ville in the River Valley area has been sold to TID Pte Ltd - a partnership between Singapore's Hong Leong Group and Japan's Mitsui group - for about $79 million, BT understands.

Nathan Ville: The owners of the 40 existing apartments are expected to receive sums ranging from $1.3 million to $2 million per unit

The price reflects a unit land price of almost $880 per square foot of potential gross floor area, inclusive of an estimated $6.1 million development charge based on the latest March 1, 2007, DC rates.

On that basis, the breakeven cost for a new luxury condo could be about $1,350 to $1,400 psf.

The 46,164 sq ft freehold site is zoned for residential use with a 2.1 plot ratio (ratio of potential maximum gross floor area to land area) and a 24-storey maximum height. This means it can be potentially redeveloped into a new project with about 65 units averaging 1,500 sq ft.

Knight Frank executive director Nicholas Wong, whose firm brokered the deal, declined to comment when approached by BT.

The existing Nathan Ville is a four-storey block consisting of 40 residential apartments. Owners are expected to receive sums ranging from $1.3 million to $2 million per unit - about 90 per cent higher than what the units would have fetched had they been sold individually.

The collective sale of the freehold site, which is near Regency Lodge, is said to have attracted close to a dozen bids when its tender closed on Feb 27.

TID - formerly known as Trade & Industrial Development Pte Ltd - is a long-time partner of Hong Leong Group, which includes listed property giant City Developments.

TID has stakes in the Oceanfront condo at Sentosa Cove, Parc Emily condo development, and St Regis Residences and hotel project at Cuscaden/Tomlinson roads, among others.