Completed in 1981, Minbu Villa comprises 33 apartments and a penthouse. (Photo: Savills Singapore)
Minbu Villa, a 10-storey residential development comprising 33 apartments and a penthouse in Novena, is trying its luck at a collective sale again after its earlier attempt in March closed without a winning bid.
While the freehold condo carries a reserve price of $145.8 million or $1,355 psf per plot ratio (psf ppf), 60 percent of the owners by strata area and share value have signed a supplemental agreement to lower the price to $129.1 million or $1,200 psf ppr, revealed marketing agent Savills Singapore.
The Singapore Land Authority has also granted in-principle approval for the alienation of an adjoining state land of about 195.9 sq m – potentially lowering the land rate by another $34 psf ppr.
Completed in 1981, Minbu Villa occupies a 38,426 sq ft site zoned residential under the 2014 Master Plan with a gross plot ratio of 2.8.
Accessible via Balestier Road and Moulmein Road, the development enjoys excellent connectivity islandwide via Novena MRT station as well as the Central and Pan Island Expressways.
The freehold condo is also close to four major malls, namely Royal Square at Novena, Velocity @ Novena Square, Square 2 and United Square Shopping Mall.
“Strategically located at the highest point of Minbu Road, Minbu Villa presents a choice opportunity to acquire an affordable site with great attributes and unrivalled views of the Novena skyline,” said Suzie Mok, senior director of investment sales at Savills Singapore.
“In addition, the Balestier/Novena enclave has traditionally been popular with owner-occupiers, investors and expatriates due to its convenient location and the abundance of malls and amenities.”
Savills noted that the site could be developed up to 36 storeys with an allowable gross floor area of 107,593 sq ft, subject to the authorities’ approval.
Including the 10 percent gross floor area for balconies, no development charge is payable for the site due to its high development baseline, it added.
The tender for Minbu Villa closes on 18 December.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email firstname.lastname@example.org