On 10th May, KOP Limited entered a purchase and sale agreement to buy Villa D’Este, the freehold property on Dalvey Road under a collective sale valued at $$93 million
A statutory filing by KOP with Singapore Exchange on Thursday late night stated that the property was intended to be redeveloped as a high-end condo, though no further details were provided.
The bid price translates to S$1,898 for every square foot on the basis of the present GFA (Gross floor area) of approximately 49,072 sq ft for this development project in prime District 10. The unit land price includes development charge estimated at S$130,000/
Villa D’Este presently is comprised of 12 apartments in 2 low-rise blocks.
The development sits on a 55,480 sq ft site with residential zoning and located in a GCB (Good Class Bungalow) area. The site can, however, be redeveloped as a new condo without any change in the GFA.
CBRE brokered the deal for KOP limited.
The property presently has 12 apartments with varying floor area between 3,465 sq ft and 3,939 sq ft
According to Galven Tan, Executive director of CBRE, the sale price at S$93 million will translate to a gross payout between S$7.57 m and S$8.07 m for the present owners.
10 out of the 12 owners have so far affixed their signature to the agreement for collective sale with a reserve price at S$93 million.
In July 2017, Villa D’Este was put on collective sale through tender with an asking price of S$96 million, though no sale was concluded from that tender.
In January, 2018, the property was again launched through tender and the tender closed in the first half of March.
The present sale resulted from negotiations using the private treaty route which was open for a period of 10 weeks from closing of the latest tender.
Earlier, this freehold condo project was put up for collective sale in 2010 at S$115 million and no buyers came forward, partly because of the stiff price tag, and partly due to weak confidence in the market since authorities had launched measures to cool property prices at that time.