February 13, 2012, 5.19 pm (Singapore time)
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.