Nestled within a good class bungalow area, the site is zoned for residential use under the Urban Redevelopment Authority’s 2014 Masterplan. (Photo: CB Richard Ellis)
Villa D’Este, a 12-unit condominium project in Dalvey Road, has been put up for collective sale again, with an indicative price of S$96 million, reported The Straits Times.
This translates to around S$1,730 psf based on the land area of 55,480 sq ft, said marketing agent CBRE, adding that no development charge is payable for the freehold property.
It revealed that 10 out of the 12 homeowners, or around 83 percent, had agreed to the en bloc sale.
In fact, the owners started the collective sale process nine months ago when some “green shoots” indicated that the “residential market was poised for recovery”, said CBRE capital markets director Galven Tan.
“It’s hard to time the market… but by a stroke of good luck, we see developers turning more aggressive in land acquisition now,” he added.
Each home owner is set to gain between S$7.5 million and S$8 million from the sale.
In 2015, the condominium project was put up for en bloc sale for S$115 million, but had no takers partly due to the hefty price tag as well as the weak market confidence given that the government had just began implementing the property cooling measures then.
Nestled within a good class bungalow area, the site is zoned for residential use under the Urban Redevelopment Authority’s 2014 Masterplan. The zoning provides various redevelopment potential for the property, said CBRE. The plot can be redeveloped into 24 apartment units with an average size of 2,000 sq ft or one to three good class bungalows.
“New condominium developments located within good class bungalow areas are extremely sought after by foreigners… Both developers from Singapore and the region will be very keen on the opportunity,” noted Tan.
The tender for the property will close on 25 August.
This article was edited by Denise Djong.