Novena Ville (pictured), a 43-unit freehold mixed development in District 11, has been launched for en bloc sale with an indicative price of between S$125 million and S$135 million.
Based on a gross plot ratio of 1.4, this works out to a land price of between S$1,748 psf ppr and S$1,887 psf ppr. If the additional 10 percent balcony space is included, the land cost will drop to between S$1,626 psf ppr and S$1,756 psf ppr with no development charge payable.
Located along Thomson Road, the development comprises 33 walk-up apartments and 10 commercial shops. It is zoned for residential with commercial components on the first level and has an allowable height of up to four-storeys under the 2008 Master Plan.
“The launch of Novena Ville comes hot on the heels of aggressive bidding seen for en bloc sites with similar potential to accommodate ground floor shops, such as Hong Leong Garden Shopping Centre, Henry Park Apartments, Seletar Garden and Tai Keng Court,” said Tan Hong Boon, Deputy Managing Director of Credo Real Estate, the sole marketing agent for the property.
Credo said that more than 80 percent of the owners have agreed to the sale of the property. Given its close proximity to Novena MRT station as well as Velocity @ Novena Square, the tender is expected to draw keen interest mainly from medium to large property developers.
The tender for Novena Ville will close on 24 May 2012.
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