Thursday, June 07, 2012

Villa Des Flores goes en bloc

Villa Des Flores (pictured), a large redevelopment site at Whitley Road in District 11, has been put up for sale at an indicative price of between S$160 million and S$165 million.

This works out to around S$1,533 psf to S$1,581 psf, with no development charge payable.

Marketing agent DTZ said the site is zoned for landed housing and is just a stone’s throw away from Orchard Road and several reputable schools. It is sited on a land area of approximately 104,370 sq ft and comprises of 13 townhouses ranging from 2,034 sq ft to 2,702 sq ft and 28 four-storey walk-up apartments of between 1,378 sq ft and 2,088 sq ft.

“Large sites for landed housing developments, especially in prime District 11, are rarely available for sale in contrast to apartment development sites,” said Shaun Poh, Head of Investment Advisory Services & Auction at DTZ.

Under the 2008 Master Plan, Villa Des Flores can be redeveloped into a two-storey mixed landed development. The winning developer has the option to build terrace, detached or semi-detached properties or a combination of these, either based on conventional housing types or as a cluster housing development.

As a cluster project, the site could yield around 64 strata terraces, 48 strata semi-detached homes or 24 strata bungalows.

“Prices of landed properties continue to trend up due to extremely strong demand. We therefore envisage keen interest in the property from developers,” said Poh.

Poh noted that each owner could receive between S$3.2 million and S$5.1 million if the sale is successful. 

The tender for the property will close on 6 July 2012.

View the original article here

Source From Property Guru

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