The collective sale fever is showing no sign of abating, with Minbu Villa, a freehold development off Balestier Road, up for tender at a reserve price of $145.8 million.
This translates to a land rate of $1,355 per square foot per plot ratio. The site has a land area of 38,426 sq ft, and a gross plot ratio of 2.8. Completed in 1981, the 10-storey development comprises 33 apartments and a penthouse.
Subject to approvals from the authorities, the site may be developed up to 36 storeys high, with an allowable gross floor area (GFA) of 107,593 sq ft, said Savills Singapore, which is handling the sale.
There is no development charge payable, including an additional 10 per cent GFA space for balconies, owing to its high development baseline of 125,378 sq ft.
“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,” said Savills Singapore senior director for investment sales Suzie Mok.
“This is a choice site offering a unique value proposition which is unparalleled in terms of its prime District 11 location, immediately adjacent to Novena Health City, the conveniences of eateries and malls at the doorsteps of Balestier/ Novena neighbourhoods, not disregarding the affordable price quantum,” she added.
The tender closes on April 17.