The freehold mixed-use development Novena Ville has been successfully sold in a collective sale exercise for S$131.5 million to property developer Fragrance Group.
The sale price is slightly higher than the asking price of S$125 million to S$135 million.
The development comprises 33 apartments and 10 shop units.
Each apartment owner stands to receive gross sales proceeds of between S$2.1 million and S$2.7 million and each shop owner, between S$4.8 million and S$6.3 million.
Credo Real Estate, who handled the sale, said the sale price reflects a land rate of S$1,730 psf per plot ratio. No development charge is payable for redevelopment of the site.
The freehold site, launched on April 26, has a land area of about 51,092 sq ft. It has a gross plot ratio (GPR) of 1.4 and an allowable height of up to four storeys.
The development received four bids, when the tender closed on May 24.
Credo said Novena Ville’s key attraction lies in its mixed-use zoning and location on Thomson Road and its proximity to shopping centres like Novena Square, Square 2, and United Square.
Source : CNA – 2012 May 24
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