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 due to the high development baseline of 11,648 sq m.
The development, conveniently situated within the exclusive residential Novena/Balestier enclave, is accessible via both Moulmein Road and Balestier Road. Popular condominiums in the surroundings include Pavillion 11, d, The Ansley etc. The site also enjoys excellent connectivity islandwide via the Central and Pan Island Expressways and the Novena MRT station.
The site is located in close proximity to the Novena area which boasts 4 major malls namely Velocity @ Novena Square, Square 2, United Square Shopping Mall and Royal Square at Novena, the latest addition. It lies just at the doorstep of Health City Novena which is poised to be the biggest healthcare hub in Singapore by 2030. In addition, it is minutes away to Balestier, a popular hotspot known for local cuisines and the integrated hotel/retail Zhongshan Park development.
The Collective Sale of Minbu Villa has a Reserve Price of S$145.8 million or land rate of S$1,355 psf ppr. Presently, more than 60% of the owners by share value and strata area have signed a supplemental agreement to lower the Reserve Price to S$129.1 million or a land rate of S$1,200 psf ppr at the gross plot ratio of 2.8. In-principle approval has been granted by the Singapore Land Authority for the alienation of an adjoining state land of approximately 195.9 sq m which may potentially lower the land rate by another $34 psf ppr.
“Strategically located at the highest point of Minbu Road, Minbu Villa presents a choice opportunity to acquire an affordable site with great attributes and unrivalled views of the Novena skyline. In addition, the Balestier/Novena enclave has traditionally been popular with owner-occupiers, investors and expatriates due to its convenient location and the abundance of malls and amenities.” said Suzie Mok, senior director of Investment Sales at Savills Singapore who is handling the sale.
The tender for Minbu Villa will close at 3 pm on 18 December 2018.