A joint venture between Nobel Design Holdings, ACT Holdings, Aspen Development and Soh Chooi Lai has acquired the Glenville residential property through a collective sale for about $39.51 million.
The four-storey residential building located at Lim Tua Tow Road, off Upper Serangoon Road sits on a 43,335 sq ft land parcel. Jones Lang LaSalle, which brokered the deal, said the price works out to around $740 psf ppr.
JLL marketed the 32-unit development through a tender exercise that closed on October 5, and said that the site has attracted several bids.
The en bloc sale of the Glenville is still subject to approval by the Strata Titles Board, as the unanimous approval of owners has not been achieved. However, it is said that each owner will receive approximately $1.18 million to $1.27 million.
According to data compiled by Credo Real Estate, there have been 23 collective sales recorded so far in 2010, including the Glenville transaction, which have totalled around $1.14 billion.