Singapore -- CB Richard Ellis is pleased to announce the launch of the public tender sale of Villa delle Rose. Owners representing more than 80 per cent share value have signed the Collective Sale Agreement (CSA).
Villa delle Rose sits on 27,604.5 square meters (approximately 297,132 square feet) of prime land. This sprawling development site is located just off Holland Road and overlooks the vast greenery of the Botanic Gardens. In addition, it is within close proximity to Singapore's premier Orchard Road shopping belt and the popular Tanglin Village enclave.
The guide price is $700 million, which equates to about $1,758 per square foot per plot ratio. The development charge payable is approximately $31 million, based on a URA baseline reply. Under the Master Plan 2003, the site is zoned for Residential with a plot ratio of 1.4 and a height restriction of 4 storeys.
Villa delle Rose has 104 units ranging from 2,800 square feet to 3,200 square feet. All but a handful of units are rented out.
The developer can expect to build about 208 units, assuming an average size of 2,000 square feet each. The estimated breakeven is in the region of $2,200 to $2,300 per square foot.
"The tranquil surroundings and lush greenery is an instant attraction for prospective buyers. In addition, the site area is extremely large and offers potential developers the design flexibility to develop an ultra-plush low-density condominium development. To top it off, its superior location away from the usual bottleneck is a much sought-after rarity in the vicinity. A few parties have approached us with keen interest, but the owners would like a transparent public tender to achieve the best results," said Jeremy Lake, Executive Director, Investment Properties.
The tender exercise closes at 3 pm on 16 November 2007.
