Completed in 1981, Minbu Villa comprises 33 apartments and a penthouse. (Photo: Savills Singapore)
Minbu Villa, a 10-storey freehold residential development in Novena, has been launched for collective sale, said marketing agent Savills on Wednesday (14 Mar).
The reserve price of $145.8 million works out to a land rate of $1,355 psf per plot ratio.
Completed in 1981, the project comprises 33 apartments and a penthouse and sits on an elevated plot at Minbu Road. The approximately 38,426 sq ft site is zoned for residential use with a gross plot ratio of 2.8 under the 2014 Master Plan.
Subject to approvals from the relevant authorities, the site may be developed up to 36 storeys with an allowable gross floor area (GFA) of 107,593 sq ft. No development charge is payable, including the additional 10 percent GFA for balconies arising from the high development baseline.
The site is close to Novena MRT station, eateries at Balestier, shopping malls and Health City Novena, which is expected to be Singapore’s biggest healthcare hub by 2030.
“Strategically located at the highest point of Minbu Road, Minbu Villa presents an attractive opportunity to acquire a site to create a distinctive landmark with spectacular views. This is a choice site offering a unique value proposition which is unparalleled in terms of its prime D11 location,” said Suzie Mok, senior director of investment sales at Savills Singapore.
The tender for Minbu Villa will close on 17 April.
Minbu Villa joins a growing list of projects that are attempting en bloc sales. Recently, Goodluck Garden and Eunos Mansion were successfully sold for $610 million and $220 million respectively.