Friday, May 25, 2012

Novena Ville sold in collective sale for S$131.5m

The Novena Ville (pictured) mixed-use development has been sold to Fragrance Realty Ltd, a wholly-owned subsidiary of Fragrance Group Ltd for S$131.5 million.

Located along Thomson Road, the freehold project comprises 33 apartment units and 10 shop units. It occupies a land area of approximately 4,746.60 sq m and could potentially generate a gross floor area (GFA) of around 75,453 sq ft, inclusive of balcony space.

Marketing agent Credo Real Estate said that the property was acquired through a collective sales exercise that closed on 24 May, with an asking price of between S$125 million and S$135 million.

It noted that apartment owners are expected to receive gross sales proceeds of between S$2.1 million and S$2.7 million each, while shop-owners would get between S$4.8 million and S$6.3 million.

Credo added that the sale price reflects a land rate of around S$1,730 psf ppr and no development charge is payable.

Fragrance Group said that it plans to redevelop the property while acquisition costs and redevelopment will be funded through internal resources and bank borrowings. 

View the original article here

Source From Property Guru

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