The 10-storey freehold can be redeveloped up to 36 storeys with a floor area of 9,995.72 sqm.
Savills Singapore launched the public tender for the collective sale of Minbu Villa in the prime Novena neighbourhood at a reserve price of $145.8m or a land rate of $1,355 psf ppr.
According to a press release, the 10-storey freehold development comprises 33 apartments and a penthouse. It occupies an elevated plot of 3,569.9 sqm in Minbu Road. The site is zoned for residential use with a gross plot ratio of 2.8 and may be developed up to 36 storeys with an allowable gross floor area of 9,995.72 sqm.
There is no development charge payable including the additional 10% gross floor area for balconies arising from the high development baseline of 11,648 sqm.
Savills noted that the development, located within the established residential Novena/Balestier enclave, is accessible both via Moulmein Road as well as Balestier Road. "Popular condominiums in the surroundings include Pavillion 11, Montebleu, The Ansley, etc. The site also enjoys good connectivity islandwide via the Central and Pan Island Expressways as well as the Novena MRT station," it said.
The site is also close to the Novena area which is near four retail malls: Velocity @ Novena Square, Square 2, United Square Shopping Mall and the new Royal Square at Novena. It is also at the doorstep of Health City Novena. Additionally, it is to the cultural area Balestier.
Savills Singapore Investment Sales senior director Suzie Mok noted that Minbu Villa presents an attractive opportunity to acquire a site to create a distinctive landmark with spectacular views. "This is a choice site offering a unique value proposition which is unparalleled in terms of its prime D11 location, immediately adjacent to Novena Health City, the conveniences and abundance of eateries, F&B outlets and malls at the doorsteps of Balestier/Novena neighbourhoods not disregarding the affordable price quantum," she said.
The tender for Minbu Villa will close at 2:30 p.m. on 17 April 2018.
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