Business Times - 18 Jan 2011
Ying Mansions, Villa D'Este public tenders launched by CBRE CB Richard Ellis (CBRE) yesterday launched the public tender for Ying Mansions on Robin Road and relaunched the public tender for Villa D'Este, which sits along Dalvey Road.
The guide price for the freehold, eight-unit Ying Mansions is $70 million, which excludes a development charge (DC) of $18.1 million. It sits on a 23,975 square foot plot of land in District 10 and has a plot ratio of 2.1 - which translates to a price of $1,750 per square foot per plot ratio (psf ppr).
Villa D'Este's reserve price is $110.6 million - slightly lower than the guide price of $115 million that was quoted when the freehold site was first put up for sale last year. With a gross floor area of 49,071 sq ft, its psf ppr price is $2,253. No DC is payable.
According to CBRE's executive director for investment properties Jeremy Lake, the guide price for Ying Mansions was not modified to reflect the current mood within the property market. Some developers of properties that were launched for sale last weekend lowered their asking prices, following the government's latest cooling measures.
'We will see how the government measures turn out. Some types of properties might be more affected than others. The prime market is more impervious to the measures,' said Mr Lake.
He added that the reserve price for Villa D'Este was lowered because it realised that the pricing last year was 'on the high side, so we have reduced it a little'. The decision to cut the price was made before the government rolled out its latest property curbs, he said.
CBRE expects 3-5 bids to be made for each site.
All the units at Ying Mansions are owned by a single owner and the sale is not subject to approval from the Strata Titles Boards. The site can be developed into a property with a maximum of 24 storeys.
The developer can choose to build 40 apartments, assuming an average size of 1,200 sq ft, said CBRE in a statement. It is minutes away from the proposed downtown-line Stevens MRT Station, and is close to schools such as the Singapore Chinese Girls' School and Anglo-Chinese School (Barker Road).
The Ying Mansions tender closes at 3pm on Feb 23.
The Villa D'Este plot can house 13-14 apartments assuming an average size of 3,500 sq ft, said CBRE. The 12 apartments currently forming Villa D'Este sit in an area approved by the Urban Redevelopment Authority for the most exclusive housing: Good Class Bungalows. Currently, 10 of its 12 owners have signed the collective sale agreement.
The tender for the site - which is in the Nassim Road area and within walking distance of the Singapore Botanic Gardens - closes at 3pm on Feb 15.
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