Wednesday, October 03, 2012

Villa Des Flores up for en bloc sale again

The freehold Villa Des Flores has been re-launched for collective sale with a price tag of S$165 million, according to marketing agent DTZ.


Located on a 104,370 sq ft site along Whitley Road, the development was first launched for sale in June at the same asking price, which works out to around S$1,581 psf with no development charge payable.


“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,” said Shaun Poh, Senior Director for Investment Advisory Services and Auction at DTZ.


As such, DTZ is confident that “there is a market for it (Villa Des Flores) that can support the price we are asking for”, said Poh.


Villa Des Flores is expected to draw interest from small- to mid-sized developers who do not typically bid for government land sales (GLS) sites and may have a diminishing land bank, he added.


“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.”


It is slated to be developed into a two-storey mixed landed housing project and the developer has the option to build semi-detached, detached and terrace housing or a combination of such, either based on conventional housing types or part of a cluster housing development, as permitted under the 2008 Master Plan.


For a cluster landed project, the site could accommodate around 64 strata terrace houses, 48 strata semi-detached homes and 24 strata bungalows.


The tender for the site will close on 23 October.


View the original article here

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