reporter2
20-07-17, 15:12
Villa D’Este up for en bloc sale at $96 mil
By Angela Teo / The Edge Property | July 20, 2017
Villa D’Este (below), located within the White House Park Good Class Bungalow Area (GCBA), has been put up for sale by public tender. According to sole marketing agent CBRE, the guide price for the property is $96 million, or $1,730 psf per plot ratio. The freehold site, located about 350m from the Stevens MRT station, spans a land area of 55,480 sq ft and its existing gross floor area (GFA), which has been verified by URA, is 49,071 sq ft.
Located on Dalvey Road, the property can be subdivided into three spacious GCB plots or redeveloped into one luxurious GCB, according to CBRE. It can also be redeveloped into its existing condominium housing form, provided there is no intensification of the existing approved GFA and storey height.
“This is an exceptional offering,” says Galven Tan, CBRE director of capital markets. “New condo developments located within GCB areas are sought-after by foreigners — who are not allowed to own GCBs — as they offer prestigious GCB addresses. Both developers from Singapore and the region will be very keen on the opportunity.”
When the property was in the market in 2010, it had an asking price of $115 million. URA has confirmed that no development charges are payable for the site. The tender exercise will close on Aug 25.
By Angela Teo / The Edge Property | July 20, 2017
Villa D’Este (below), located within the White House Park Good Class Bungalow Area (GCBA), has been put up for sale by public tender. According to sole marketing agent CBRE, the guide price for the property is $96 million, or $1,730 psf per plot ratio. The freehold site, located about 350m from the Stevens MRT station, spans a land area of 55,480 sq ft and its existing gross floor area (GFA), which has been verified by URA, is 49,071 sq ft.
Located on Dalvey Road, the property can be subdivided into three spacious GCB plots or redeveloped into one luxurious GCB, according to CBRE. It can also be redeveloped into its existing condominium housing form, provided there is no intensification of the existing approved GFA and storey height.
“This is an exceptional offering,” says Galven Tan, CBRE director of capital markets. “New condo developments located within GCB areas are sought-after by foreigners — who are not allowed to own GCBs — as they offer prestigious GCB addresses. Both developers from Singapore and the region will be very keen on the opportunity.”
When the property was in the market in 2010, it had an asking price of $115 million. URA has confirmed that no development charges are payable for the site. The tender exercise will close on Aug 25.