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.
Source: Channel News Asia, 5 Jul 2010