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Leeds
13-02-12, 19:27
February 13, 2012, 5.19 pm (Singapore time)
http://www.businesstimes.com.sg/mnt/static/image/ax/c.gif
Ultra Mansion up for collective sale

By CARINE LEE
Ultra Mansion at Derbyshire Road is on Monday up for collective sale by tender.
The freehold site with a land area of 45,512 sq ft is located within the District 11 Novena Commercial Hub, well known for its specialist medical hub and luxury condominiums.
The site is expected to fetch a price in excess of S$170 million with very minimal development charges payable due to the high baseline.
Based on a maximum allowable plot ratio of 2.8, this works out to be $1,334 per plot ratio or $1,270 per plot ratio if the 10 per cent balcony is included.
Developers can potentially build a high-rise residential development with a gross floor area of some 140,000 sqft, according to Cushman & Wakefield.
Tender for this site closes on March 22, 2012.

reporter2
22-02-12, 18:11
http://www.businesstimes.com.sg/sub/suite/story/0,4574,478088-1329422340,00.html?

Published February 16, 2012

Ultra Mansion up for sale at $170m

It is one of the last few sites in District 11's Novena Commercial Hub


ULTRA Mansion, a 13-storey apartment building near Novena MRT station, is being launched on the collective sale market, with an indicative price of at least $170 million.

http://www.businesstimes.com.sg/mnt/media/image/launched/2012-02-16/BT_IMAGES_MTTAI16.jpg
Prized location: The development, which has a land area of 45,512 sq ft and a gross plot ratio of 2.8, has a maximum gross floor area of 127,433 sq ft

Based on a land price of $170 million, this translates to $1,334 per square foot per plot ratio (psf ppr).

Inclusive of the additional 10 per cent balcony space and accompanying development charge of some $8 million, this translates to $1,270 psf ppr, said marketing agent Cushman & Wakefield.

The development, which has a land area of 45,512 sq ft and a gross plot ratio (GPR) of 2.8, has a maximum gross floor area (GFA) of 127,433 sq ft.

It is also one of the last few sites in District 11's Novena Commercial Hub that is available for redevelopment.

'Cushman & Wakefield is expecting a good reception for the site, especially from the mid-sized developers to the larger players, due to its relative 'bite- sized' and prized location,' said Christina Sim, head of the investment team (residential).

'There is also a niche market to be exploited in the Novena hub which does not have many lifestyle studio apartments and Soho (small office, home office) units for sale.

'Adria, a brand new high-rise development in this niche, is adjacent to Ultra Mansion and is almost 100 per cent sold,' she added.

The owners of Ultra Mansion had previously tried to launch the development on the resale market in 2005 and 2006, but had been unable to reach the 80 per cent required.

The tender exercise for Ultra Mansion closes on March 22.

mcmlxxvi
06-03-13, 11:53
RESIDENTIAL PROPERTY | Krisana Gallezo, Singapore
Published: 22 hours 1 min ago
285 views
*0 *1 Google +0 *37
Ultra Mansion sold for a whopping $149.1m

Guess who the buyer is.

According to Cushman & Wakfield, Ultra Mansion located at No 4 Derbyshire Road within the prime district 11 Novena commercial and medical hub has been sold enbloc for $149,130,000.

The Buyer is Fantasia (Novena) *a subsidiary of listed Hong Kong company Fantasia Holdings Group Co. Ltd. The sale was brokered by International property consultant, Cushman & Wakefield.

Ultra Mansion, located within the prime district 11 Novena commercial and medical hub, is a freehold residential re-development site. It is within some 5 minutes walk to the Novena MRT Station.

Completed in 1970, it comprises a total of 48 apartments within a 13-storey block.

Here's more from Cushman & Wakefield:

The locality of Novena has traditionally been popular amongst investors and homebuyers as an alternative to Orchard Road because of its proximity to good schools, shopping malls, offices and specialist beauty and lifestyle stores such as Velocity.

Certainly, the main draw is the reputation for Novena as an exclusive medical hub. With the new S$2-billion dollar ‘state-of-the-art’ Mount Elizabeth Novena Hospital opened for business in July 2012, the locale of Novena has become the commercial and medical hub of Singapore therefore attracting investors from across Asia.

This site can potentially yield some 140,000 sqft of gross floor area. It can be developed into an up-market residential block comprising some 170 units of 1 and 2 bedroom SOHO/apartments ranging from 600 sqft.

reporter2
11-03-13, 15:46
http://www.businesstimes.com.sg/archive/wednesday/premium/singapore/ultra-mansion-sold-en-bloc-fantasia-20130306

Published March 06, 2013

Ultra Mansion sold en bloc to Fantasia

$149.13m bid wins tender after announcement of property cooling measures

By grace ng


ULTRA Mansion, a 13-storey freehold development about 500m from Novena MRT station, has been sold through a collective sale for $149.13 million.

The price works out to $1,170 per sq ft (psf) of potential gross floor area, with no development charge payable.

The buyer is Fantasia (Novena) Pte Ltd, a subsidiary of the listed Hong Kong group Fantasia Holdings. It put in the highest of three bids.

The 45,512 sq ft site at 4, Derbyshire Road is zoned for residential use, with a 2.8 plot ratio, which is the ratio of maximum gross floor area to land area.

The site can potentially yield about 140,000 sq ft of gross floor area, inclusive of a 10 per cent bonus gross floor area allowance. This amount of space makes for about 170 one- and two-bedroom apartments of between 600 sq ft and 900 sq ft each.

Ultra Mansion now comprises 48 apartments of about 1,600 sq ft each in a single block. The owners will receive about $3.1 million per unit, with the sale subject to approval from the Strata Titles Board.

The sale was brokered by Cushman & Wakefield.

The tender closed on Jan 18, after the announcement of the latest property cooling measures.

The Business Times understands that Cushman first launched a tender in February last year, with the reserve price set at about $160 million.

This time around, the reserve price was said to have been lowered to $144 million.

Cushman & Wakefield noted that Novena is traditionally considered by investors and homebuyers as an alternative to Orchard Road as a commercial and medical hub.

Toby Dodd, country manager at Cushman, said that the sale of Ultra Mansion reflects positive sentiment from overseas developers in the residential market here despite the cooling measures.

Christina Sim, director of capital markets at Cushman, said that with commercial and business complexes around the area, apartments in Novena traditionally give yields of 3.5 per cent to 4 per cent - more attractive than for properties in Districts 9 and 10 (2.5 per cent to 3 per cent).

The appeal of Novena/District 11 was evident in last December's sale of a white site in Irrawaddy Road for a record bid of $1,632 psf per plot ratio from a Hoi-Hup Sunway consortium.

Leo.Cheng
12-03-13, 09:11
what did i say a few weeks ago?

http://forums.condosingapore.com/showpost.php?p=369633&postcount=4

All the idiots here cannot beat one siaolang's prediction.

WOAAHHEHHEHEHEHEH