reporter2
03-05-12, 16:16
http://www.businesstimes.com.sg/archive/thursday/specials/property/novena-ville-collective-sale
Published April 26, 2012
Novena Ville up for collective sale
Tender expected to draw interest from medium to large developers
By michelle tan
NOVENA Ville is set to hop onto the fast-loading bandwagon of properties put up for collective sale this year.
Launched yesterday by property consultants Credo Real Estate, the 43-unit freehold mixed-use development located in District 11 boasts a site area of 51,092 square feet (sq ft) and has an indicative asking range of between $125 million and $135 million. This translates to a land rate of about $1,748 per square foot per plot ratio (psf ppr) to $1,887 psf ppr based on a gross plot ratio of 1.4. However, if the extra 10 per cent balcony allowance from the residential units is factored in, the land rates will be reduced to around $1,626 psf ppr to $1,756 psf ppr as no development charge would be payable for the redevelopment of the prime plot.
Under the 2008 Master Plan, the 1.4 gross plot ratio site is zoned "residential with commercial at 1st storey" and can be built up to a maximum height of four storeys.
Said Tan Hong Boon, deputy managing director at Credo Real Estate: "The launch of Novena Ville comes hot on the heels of aggressive bidding seen for en bloc sites with similar potential to accommodate ground floor shops, such as Hong Leong Garden Shopping Centre, Henry Park Apartments, Seletar Garden and Tai Keng Court."
He said that given the site's close proximity to the Novena MRT station (200 metres) and surrounding shopping malls such as Velocity @ Novena Square, and the medium scale of investment necessary to redevelop the area, the tender is expected to draw interest primarily from medium to large developers.
So far, more than 80 per cent of the owners (by share value and strata floor area) of the development, which comprises 33 walk-up apartments and 10 shops, have signed a collective sale agreement to sell the property.
The tender for Novena Ville will close on May 24.
Published April 26, 2012
Novena Ville up for collective sale
Tender expected to draw interest from medium to large developers
By michelle tan
NOVENA Ville is set to hop onto the fast-loading bandwagon of properties put up for collective sale this year.
Launched yesterday by property consultants Credo Real Estate, the 43-unit freehold mixed-use development located in District 11 boasts a site area of 51,092 square feet (sq ft) and has an indicative asking range of between $125 million and $135 million. This translates to a land rate of about $1,748 per square foot per plot ratio (psf ppr) to $1,887 psf ppr based on a gross plot ratio of 1.4. However, if the extra 10 per cent balcony allowance from the residential units is factored in, the land rates will be reduced to around $1,626 psf ppr to $1,756 psf ppr as no development charge would be payable for the redevelopment of the prime plot.
Under the 2008 Master Plan, the 1.4 gross plot ratio site is zoned "residential with commercial at 1st storey" and can be built up to a maximum height of four storeys.
Said Tan Hong Boon, deputy managing director at Credo Real Estate: "The launch of Novena Ville comes hot on the heels of aggressive bidding seen for en bloc sites with similar potential to accommodate ground floor shops, such as Hong Leong Garden Shopping Centre, Henry Park Apartments, Seletar Garden and Tai Keng Court."
He said that given the site's close proximity to the Novena MRT station (200 metres) and surrounding shopping malls such as Velocity @ Novena Square, and the medium scale of investment necessary to redevelop the area, the tender is expected to draw interest primarily from medium to large developers.
So far, more than 80 per cent of the owners (by share value and strata floor area) of the development, which comprises 33 walk-up apartments and 10 shops, have signed a collective sale agreement to sell the property.
The tender for Novena Ville will close on May 24.