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.
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.
Source: Business Times, 6 Jul 2010