Far East Consortium bags The Estoril at S$223.94m

FAR East Consortium International's fully-owned unit FEC Properties has been awarded the collective sale of The Estoril in Holland Road at S$223.938 million.

This works out to a land rate of S$1,654 per square foot per plot ratio (psf ppr) for the freehold property in prime District 10. Inclusive of the 10 per cent bonus balcony gross floor area, the land rate works out to a lower S$1,504 psf ppr. No development charge is payable even after factoring this bonus area due to the high baseline for the property.

The 84,600 sq ft site is zoned for residential use with 1.6 plot ratio under the Urban Redevelopment Authority's Master Plan 2014.

CBRE is brokering the collective sale. To date owners controlling slightly more than 80 per cent of the development's share value and strata area have consented to the collective sale. Unless owners' unanimous approval is obtained, the transaction will be subject to approval by the Strata Titles Board and if necessary, the courts.

The Estoril is a six-storey development with 44 units comprising 40 apartments and four penthouses. Owners stand to receive a gross payout of about S$4.6 million per apartment unit and S$9.85-9.95 million per penthouse unit. This is The Estoril's fourth collective sale attempt.

The tender for the property closed on Tuesday, drawing a handful of bids.

Sammi Lim, director of capital markets at CBRE, said: "Developers concur that The Estoril is a site with excellent attributes in an attractive location. The recent keen interest for the URA Holland Village extension mixed-use development site also signals that developers remain confident about this location, especially in view of further rejuvenation in the locality."