The Business Times
Friday, Oct 05, 2012
Villa Des Flores, a freehold development sitting along Whitley Road, is being relaunched for collective sale by tender with its asking price of $165 million unchanged from its previous launch in June.
Marketing agent DTZ said that it is keeping to the price after receiving inquiries about the site following the en bloc sale of several sites over the last few months. The cost of the 104,370 square feet site for landed housing works out to a land price of $1,581 per square foot. No development charge is payable.
Said Shaun Poh, DTZ's senior director for investment advisory services and auction: "For the first tender we received bids but they were below our price. But with the recent successful collective sales of sites such as Thomson View Condominium, Chateau Eliza and Green Lodge, there is a little euphoria coming back to the collective sales market."
"So we think there is a market for it (Villa Des Flores) that can support the price we are asking for."
Green Lodge, Chateau Eliza and Thomson View were all sold last month. The Toh Tuck Road located Green Lodge fetched $191.888 million in what is the largest freehold residential collective sale so far this year. Chateau Eliza, a freehold development off Orchard Road was sold for $92.2 million, while Thomson View went for a whopping $590 million, making it fifth largest en bloc sale here.
Mr Poh believes that Villa Des Flores could see interest from small- to mid-sized developers, who he said usually do not bid for sites under the government land sales programme, and may have a depleting land bank. He added that mid- to large-sized sites for landed housing developments in prime District 11 are rarely available for sale.
"The subject site is even more appealing now with the proposed Mount Pleasant Station on the new Thomson Line situated very close by. We therefore envisage keen interest in the property from developers," he said.
According to the Master Plan 2008, the site can be developed into 2-storey mixed landed housing: the developer has the option to build detached, semi-detached, terrace housing or a combination of such, either based on conventional housing types or as a cluster housing development.
As a cluster landed project, the site can accommodate about 24 strata bungalows, 48 strata semi-detached or 64 strata terrace houses.
The tender closes on October 23 at 3pm.
Martin Koh | 86666 944 | R020968Z
Sherry Tang | 9844 4400 | R020241C
Senior Sales Director
DTZ Debenham Tie Leung (SEA) Pte Ltd (L3006301G)
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