Savills Singapore is pleased to announce the launch for sale by tender the collective sale of Minbu Villa in the prime Novena neighbourhood.
Completed in 1981, the 10-storey freehold development comprises 33 apartments and a penthouse. It occupies an elevated plot of 3,569.9 sq m (or 38,426 sq ft) at the quiet cul-de-sac of Minbu Road. Under the 2014 Master Plan, the site is zoned for residential use with a gross plot ratio of 2.8. Subject to approvals from the relevant authorities, the site may be developed up to 36 storeys with an allowable gross floor area of 9,995.72 sq m (or 107,593 sq ft). There is no development charge payable including the additional 10% gross floor area for balconies arising from the high development baseline of 11,648 sq m.
The development, uniquely and conveniently located within the established residential Novena/Balestier enclave, is accessible both via Moulmein Road as well as Balestier Road. Popular condominiums in the surroundings include Pavillion 11, Montebleu, The Ansley, etc. The site also enjoys good connectivity islandwide via the Central and Pan Island Expressways as well as the Novena MRT station.
The site is close to the buzz of the Novena area which boasts 4 retail malls with a plethora of shopping and dining options at Velocity @ Novena Square, Square 2, United Square Shopping Mall and the new Royal Square at Novena. It is also at the doorstep of Health City Novena, an integrated development which includes many vibrant and outstanding features to shape the future healthcare model of Singapore. Incidentally, Health City Novena is poised to be Singapore’s biggest healthcare hub by 2030. Additionally, the site is situated in close proximity to Balestier, an area which is not only rich in cultural and heritage significance but remains a popular hotspot for local cuisines. The Zhongshan Park, the mixed hotel cum commercial landmark is also within a short walking distance.
The Collective Sale of Minbu Villa has a Reserve Price of S$145.8 million which translates to a land rate of S$1,355 psf ppr at the gross plot ratio of 2.8.
“Strategically located at the highest point of Minbu Road, Minbu Villa presents an attractive opportunity to acquire a site to create a distinctive landmark with spectacular views. This is a choice site offering a unique value proposition which is unparalleled in terms of its prime D11 location, immediately adjacent to Novena Health City, the conveniences and abundance of eateries, F&B outlets and malls at the doorsteps of Balestier/Novena neighbourhoods not disregarding the affordable price quantum.” said Suzie Mok, senior director of Investment Sales at Savills Singapore who is handling the sale.
The tender for Minbu Villa will close at 2.30 pm on 17 April 2018.