Over 60% of land owners have agreed to lower the price to $129.1m.
Minbu Villa, a freehold 10-storey residential development composed of 33 apartments and a penthouse in the exclusive residential enclave of Novena/Balestier is attempting a second en-bloc sale after its earlier bid was hit by July's cooling measures.
Minbu Villa has a reserve price of $145.8m or a land rate of $1,355 psf ppr. Over 60% of the owners by share value and strata area have signed a supplemental agreement to lower the Reserve Price to $129.1m which translates to a land rate of S$1,200 psf ppr following its unsuccessful en-bloc attempt in March which ended without a winning bidder,
Additionally, in-principle approval has been granted by the Singapore Land Authority for the alienation of an adjoining state land of approximately 195.9 sq m which may potentially lower the land rate by another $34 psf ppr.
Accessible via Moulmein Road and Balestier Road, Minbu Villa enjoys close proximity to condominiums such as Pavillion 11, d, The Ansley and strong connectivity links via the Central and Pan Island Expressways and Novena MRT station. It is also near four major malls including Velocity @ Novena Square, Square 2, United Square Shopping Mall and Royal Square at Novena,
“Strategically located at the highest point of Minbu Road, Minbu Villa presents a choice opportunity to acquire an affordable site with great attributes and unrivalled views of the Novena skyline. In addition, the Balestier/Novena enclave has traditionally been popular with owner-occupiers, investors and expatriates due to its convenient location and the abundance of malls and amenities.” Suzie Mok, senior director of Investment Sales at Savills Singapore who is handling the sale said in a statement.
The tender for Minbu Villa will close at 3 pm on 18 December.
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