Ultra Mansion (pictured), located near Novena MRT station has been launched for sale, with an indicative price of approximately S$170 million.
Marketing agent Cushman & Wakefield said the development’s S$170 million price tag works out to around S$1,334 psf ppr. This translates to approximately S$1,270 psf ppr, inclusive of an additional 10 percent for balcony space and a development charge (DC) of around S$8 million.
“Cushman & Wakefield is expecting a good reception for the site, especially from the mid-sized developers to the larger players, due to its relative ‘bite-sized’ and prized location,” said Christina Sim, Head of Investment Team (Residential).
“There is also a niche market to be exploited in the Novena hub which does not have many lifestyle studio apartments and SOHO (small office, home office) units for sale.”
The 13-storey tower has a total area of 45,512 sq ft, with a maximum gross floor area (GFA) of 127,433 sq ft and a gross plot ratio of 2.8. According to a Business Times report, the property is one of the last few sites available for redevelopment in the Novena Commercial Hub in District 11.
Cushman & Wakefield noted that the tender for the site will close on 22 March 2012.
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