FEC International Limited has managed to purchase The Estoril en bloc through FEC Properties. The latter is a fully-owned subsidiary of FEC International. The Estoril is located near Holland Road and was sold for S$223.938m.
If calculations are made based on this amount, the land rate is approximately S$1,654 psf ppr.
The property is located in District 10 and includes a bonus balcony which occupies about 10% of the total floor area. With the balcony in mind, the land rate is approximately S$1,504 psf ppr.
There is no development fee even after including the bonus area because of the property’s high baseline.
The site is about 84,600 square feet and has been designated for residential purposes. According to the 2014 Master Plan of the URA, the plot ratio should be 1.6.
The en bloc sale will be brokered by CBRE. Owners who control over 80% of the property’s share value, as well as strata area, have accepted the en bloc sale.
The courts and the Strata Titles Board may be required to approve the transaction if the owners of the property do not approve it unanimously.
The Estoril consist of 6 storeys, 44 units and 40 apartments. It also includes 4 penthouses. For the owners, the gross payout is approximately $9.85m to $9.95m for each penthouse unit and S$4.6m for each apartment unit.
This is the fourth attempt collective sale by The Estoril owners.
According to CBRE’s capital markets director, Sammi Lim, developers have agreed that the site is attractive and has great features. In addition, Lim said that people are interested in the URA’s mixed-use site in Holland Village and this indicates that developers have confidence in the site, especially because of the need to upgrade the area.
- It’s a Freehold site in Prime District 10 within Core Central Region targeted by developers
- Best of all, the Potential en bloc site does not attract any development charge which will make the Buyer smile
- It has three reliable MRTs within a kilometre distance – CC21 Holland Village MRT, CC20 Farrer Road MRT and EW20 Commonwealth MRT.
- There are reputable schools within a kilometre distance – Anglo-Chinese School International, CHIJ St. Theresa’s Convent and New Town Primary School.
- There are other decent schools a short drive away. They include Anglo-Chinese School, Hwa Chong Institution and Singapore Institute of Management.
- The Estoril has many charms and one of them is Dempsey Hill, a world class dining destination which can be reach in few mins drive. The place is best for shopping, dining and entertainment
- One of the wonderful attractions, Singapore Botanic Gardens is close to the condo
- Top Class nearby medical facilities are provided by Gleneagles Hospital, Camden Medical Centre, Alexandra Hospital and National University Hospital
- The famous Orchard Road is only few mins drive away
- Holland Road shopping centre is within walking distance.
- There is a cold storage supermarket close by.