Owners of the 40 apartments will receive around $4.6m after the sale.
The public tender for The Estoril at 95 and 97 Holland Road has been awarded to Far East Consortium’s subsidiary FEC Properties for $223.94m or $1,654 psf ppr, CBRE revealed. It was sold 1.7% above the asking price of $220m.
According to an announcement, The Estoril is a 44-unit development, comprising 40 apartments and four penthouses. Each apartment unit owner will stand to receive a gross payout of approximately $4.6m. The penthouse units will receive between $9.85m to $9.95m.
CBRE previously said that developers can turn it into a residential development of 166 units. This is The Estoril’s fourth collective sale attempt.
The URA baseline record said no development charge is payable including the 10% bonus balconies GFA. Based on the 2014 Master Plan, the site comes with a Plot Ratio of 1.6 and a site area of approximately 84,600 sq ft and is zoned “Residential”.
CBRE capital markets director Sammi Lim said, “We are very pleased to have achieved a successful tender for the owners of The Estoril. This proves that developers concur that The Estoril is a site with excellent attributes in an attractive location. The recent keen interest for the URA Holland Village mixed-use development extension site also signals that developers remain confident about this location, especially in view of further rejuvenation in the locality.”
Do you know more about this story? Contact us anonymously through this link.