This year’s en bloc sales wave continues as owners of the 37-yr old Minbu Villa, a freehold property off Balestier Road in District 11, put their property up for collective sale at a reserve price of S$145.8 million.
The public tender closes on Apr 17.
The site on which the 10-storey development sits is 38,426 sq ft in size, and its gross plot ratio is 2.8.
It currently holds 33 apartments and one penthouse, but it can, definitely, hold more units of the same size if the new developer utilizes the maximum allowed gross floor area (GFA) of 107,592.8 sq ft or 118,352.08 inclusive of the 10% bonus balcony.
Based on the property’s reserve price, the land rate is S$1,355 per sq ft per plot ratio (psf ppr), but it can potentially drop to S$1,232 psf ppr with the inclusion of the balcony area.
According to Savills Singapore, a property marketing firm, the new development can rise up to 36 storeys and generally have increased GFA without attracting any development charge, because the area has a high development baseline.
According to Suzie Mok, Savills Singapore’s senior development director of investment sales, the Minbu Villa site is strategically positioned at the apex of Minbu Road, thus providing the potential developer with a great opportunity to construct an exquisite landmark with magnificent views.
She also sees the Minbu Villa site as offering unique value that is unparalleled, because of its combined advantages.
Not only is the site within a prime district, but it is also adjacent the Novena Health City and close to decent eateries, malls, and the great neighbourhoods of Balestier in the Novena planning area.
Not least in the list of advantages, according to Ms Mok, the Minbu Villa reserve price is quite affordable.