Singapore

Villa D’Este condo up for en bloc sale

Home owners at Villa D'Este condominium in Dalvey Road are the latest to leap into the collective sale market.

Owners of the condo in the prime District 10 area have put it on the market for $96 million.

Marketing agent CBRE told The Straits Times yesterday that the asking price is about $1,730 per sq ft on the land area of 55,480 sq ft. The freehold property comprises 12 apartments ranging in size from 3,465 sq ft to 3,939 sq ft.

CBRE said owners of 10 out of the 12 units have agreed to the collective sale.

Mr Galven Tan, CBRE capital markets director, said the owners started the process nine months ago amid some "green shoots that showed the residential market was poised for recovery".

Each owner stands to pocket about $7.5 million to $8 million from the sale.

The condo project was offered for collective sale in 2010 for $115 million, but there were no buyers owing partly to the hefty price tag and weak market confidence as the Government had started rolling out property cooling measures then.

Based on the Urban Redevelopment Authority's Masterplan 2014, the site is zoned for residential use and is in a good class bungalow area.

CBRE said the zoning offers multiple redevelopment potential for the plot.

It can be redeveloped into one to three good class bungalows or about 24 apartments with an average size of 2,000 sq ft on a gross floor area of over 49,000 sq ft.

The collective sale market has steamrolled ahead with four deals done this year: One Tree Hill Gardens, Goh & Goh Building, Rio Casa and Eunosville. The total value is $1.5 billion.

The Villa D'Este tender closes on Aug 25.

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