(1888PressRelease)
October 26, 2007 - CB Richard Ellis is pleased to announce the launch of tender for The Estoril. 36 of the 44 units, representing more than 80% of the owners, have signed the Collective Sale Agreement (CSA).
This prime residential development site is located along Holland Road. It sits on 7,859.6 sqm (approximately 84,600 sq ft) of prime land and is close to Holland Village, Tanglin Village and Botanic Gardens.
The guide price is $208 million, which equates to about $1536 per square foot per plot ratio. No Development Charge is payable due to the high Development Baseline. Under the Master Plan 1980, the equivalent plot ratio is 2.772. Under the Master Plan 2003, the plot ratio is 1.6 and the maximum number of storeys is 12. Developers will also not incur Development Charge to build the additional 10% GFA allowable for the provision of balconies.
The Estoril was completed in 1984. There are 40 three- bedroom (2,088 sq. ft.) apartments and 4 penthouses (4,467 sq. ft. and 4,510 sq. ft.) on the site currently.
Based on the $208 million guide price, the 3- bedroom units will receive $4.32 million and the penthouses will receive $8.69 million or $8.78 million. The developer can build about 75 units assuming an average size of 1,800 sq ft each. The estimated breakeven is in the region of $2,000 to $2,050 per square foot.
"A luxury condominium would sit perfectly on the site given its regular site layout and prominent frontage along Holland Road. Holland Village, Tanglin Village and Orchard Road are just a short drive away and the upcoming Holland Village and Farrer MRT stations will be within walking distance" said Jeremy Lake, Executive Director of Investment Properties.
The tender exercise closes at 3 p.m. on Thursday 15 November 2007.
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