Villa D’Este, a freehold residential site located at Dalvey Road, has been offered for sale through a collective sale exercise.
With a guide price of $115 million, it reflects a unit land price of approximately $2,343 psf, with no development charge.
The residential site has a total land area of 55,480 sq m and comprises 12 apartments situated in an area approved by the URA for the most exclusive housing form – Good Class Bungalows.
Based on a URA circular dated 6 April 2009, the property may be redeveloped back into apartment units given that there is no intensification of the existing approved storey height and gross floor area (GFA).
CB Richard Ellis, the marketing agent of the property, said the GFA has been verified by the URA to be approximately 49,071 sq ft, and the developer can build around 13 to 14 apartments with an average size of 3,500 sq ft each.
Ten out of the 12 owners have already signed the en bloc sales agreement. The property comprises a part three- and four-storey apartment project sitting on a car park podium. It is located in a relaxing surrounding overlooking trees and greenery.
“The new development is expected to draw keen interest from foreign buyers, especially the Chinese and Indians, who would like to live within the most prestigious Good Class Bungalow areas but are unable to own landed properties. Given its excellent attributes, several foreign parties have already expressed their keen interest to acquire the site,” said CBRE.
The tender for Villa D’Este will close on August 4.