Villa D'Este at Dalvey Road launched for collective sale

[sleek]

Villa D'Este at Dalvey Road launched for collective sale
By Ephraim Seow | Posted: 05 July 2010 2057 hrs (http://www.channelnewsasia.com/stories/singaporebusinessnews/view/1067694/1/.html)



SINGAPORE : Real estate consultancy firm CB Richard Ellis (CBRE) has launched Villa D'Este at Dalvey Road for collective sale.

Villa D'Este is a 12-unit apartment project which sits on an area approved by the urban planners for 'Good Class Bungalows'.

'Good Class Bungalows' are the most exclusive housing form.

The freehold site has an area of 55,480 square feet and a gross floor area of 49,071 square feet.

CBRE said the guide price is S$115 million which equates to about $2,343 per plot ratio.

It added that there is no development charge payable.

Based on existing guidelines, CBRE said the land may be re-developed as apartments, provided there is no intensification of the existing approved gross floor area and storey height.

The developer can choose to build 13 to 14 exclusive apartments, assuming an average size of 3,500 square feet each.

CBRE added that the new development is expected to draw interest from foreign buyers, especially the Chinese and Indians, who would like to live within the most prestigious 'Good Class Bungalow' areas but are unable to own landed properties.

10 of the 12 owners have signed the Collective Sale Agreement.

The tender closes on August 4 at 3 pm. - CNA /ls

[cashrich]

more like 100 units of studios at avg 500 sqf size....if there is a successful deal

[sleek]

Think the area have a minimum floor areas for the units, so unlikely to see MM units. :)


more like 100 units of studios at avg 500 sqf size....if there is a successful deal

[bargain hunter]

have min. floor areas for units?

i thought only maximum gross floor area cannot exceed the existing one since its a GCB area?



Think the area have a minimum floor areas for the units, so unlikely to see MM units. :)

[sleek]

Let's see if the buyer indeed will go for MM units? :D


have min. floor areas for units?

i thought only maximum gross floor area cannot exceed the existing one since its a GCB area?

[bargain hunter]

i certainly hope they don't. but one street away is the recently laucnhed steven suites which can be considered MM. :(



Let's see if the buyer indeed will go for MM units? :D

[mr funny]

http://www.businesstimes.com.sg/sub/news/story/0,4574,393525-1278446340,00.html?

Published July 6, 2010

Dalvey Rd residential site offered for collective sale

By KALPANA RASHIWALA


A PLUM freehold residential site at Dalvey Road has come on the market. Villa D'Este, being offered through a proposed collective sale exercise, has a land area of about 55,480 square feet. Its guide price of $115 million reflects a unit land price of about about $2,343 per square foot of potential gross floor area. No development charge is payable.

http://www.businesstimes.com.sg/mnt/media/image/launched/2010-07-06/BT_IMAGES_KRVILLA6.jpg
Villa D'Este: The freehold site located close to the Singapore Botanic Gardens, nestles in tranquil surroundings overlooking mature trees and greenery

Currently Villa D'Este comprises 12 apartments sitting in an area approved by Urban Redevelopment Authority for the most exclusive housing form - Good Class Bungalows.

Based on a URA circular dated April 6, 2009 and its guidelines, Villa D'Este may be redeveloped back to apartments, provided there is no intensification of the existing approved gross floor area (GFA) and storey height.

The GFA has been verified by the URA to be about 49,071 sq ft and the developer can choose to build 13 to 14 apartments with an average size of about 3,500 sq ft each, says CB Richard Ellis, the property's marketing agent.

Ten of the the 12 owners have signed the collective sale agreement.

Villa D'Este comprises a part three-storey and part four-storey apartment development sitting on a car park podium.

The site is located in tranquil surroundings overlooking mature trees and greenery. It is also within walking distance to the Singapore Botanic Gardens.

'The new development is expected to draw keen interest from foreign buyers, especially the Chinese and Indians, who would like to live within the most prestigious Good Class Bungalow areas but are unable to own landed properties. Given its excellent attributes, several foreign parties have already expressed their keen interest to acquire the site,' CBRE said in a news release yesterday.

Villa D'Este's tender closes on August 4.