A freehold development off Balestier road has just been put up for tender at a reserve price of $145.8 million.
Freehold condominium near Novena Health City
Minbu Villa sits on a good-sized plot of land in a prime location. It is situated just next to the Novena Health City and with the increasing popularity of health tourism, properties in the city fringes are rapidly drawing interest from investors. The reserve price of $145.8 million would translate to a land rate of $1,355 psf ppr for the 38,426 sq ft site.
The 1981-built private condominium currently consist of a 10-storey block with 33 apartment units and 1 penthouse. The gross plot ratio is 2.8 and upon approval, the site could potentially be be redeveloped into a block 36-storey high with an allowable gross floor area (GFA) of 107,593 sq ft.
This prime district 11 location holds tremendous potential with its city fringe location and accessibility. There are a myriad of eateries and malls in the Balestier/Novena area, as well as spots popular with young families and expatriates.
Affordable price quantum may draw developers
The plot of land sits on the highest point of Minbu road, which would provide the opportunity for a panoramic view of the city and its surroundings.
Combined with the affordable price quantum the establishment is seeking for its en bloc and the high development baseline of 125,378 sq ft, Savills Singapore, who is handling the sale of the site, is confident about the site’s potential. There is no development charge payable for the site and it includes an additional 10% GFA space for balconies.