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Minbu Villa in Balestier launched for collective sale with S$145.8m reserve price
THE collective sale fever in Singapore is showing no signs of abating with Minbu Villa, a freehold development located off Balestier Road, launched for collective sale by tender at a reserve price of S$145.8 million.
This translates to a land rate of S$1,355 per square foot per plot ratio (psf ppr). The site has a land area of 38,426 sq ft, and a gross plot ratio of 2.8.
Completed in 1981, the 10-storey development comprises 33 apartments and a penthouse.
Subject to approvals from the authorities, the site may be developed up to 36 storeys with an allowable gross floor area (GFA) of 107,593 sq ft, marketer Savills Singapore said.
There is no development charge payable including the additional 10 per cent GFA for balconies, arising from the high development baseline of 11,648 sq m.
Said senior director of investment sales at Savills Singapore, Suzie Mok: "Strategically located at the highest point of Minbu Road, 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 of eateries and malls at the doorsteps of Balestier/Novena neighbourhoods, not disregarding the affordable price quantum," she added.
The tender for Minbu Villa will close on April 17 at 2.30 pm.