Singapore, 19 July 2017 – CBRE is pleased to offer Villa D’Este, a rare development site on prime Dalvey Road, for sale through a Public Tender exercise.
Located at 105 – 111 (Odd Nos) Dalvey Road, Villa D’Este sits on a freehold tenure site with an excellent frontage of more than 90m on Dalvey Road. The land area is approximately 55,480 square feet and the existing gross floor area is approximately 49,071 square feet. The existing floor area has been verified by the URA.
The guide price for Villa D’Este is $96 million, which works out to $1,730 per square foot on the land area. Based on URA’s confirmation on the development charge (DC) baseline, there is no DC payable. In 2010, the property was in the market with a guide price of $115 million.
Villa D’Este is a part 3 and part 4 storey apartment development sitting on a car park podium, comprising 12 apartments ranging from 3,465 sq ft to 3,939 sq ft. 10 out of 12 owners representing more than 80% of the total share value and total strata area has agreed to the sale.
Its immediate neighbourhood is characterized by Good Class Bungalows, the most exclusive residential land form in Singapore. A boulevard of lush mature trees line Dalvey Road, and leads directly to Singapore Botanic Gardens, Singapore’s first and only UNESCO heritage site.
Located approximately 350m from Stevens MRT Station (DT10) and Stevens Interchange Station (TE11 – Year 2021) on the Thomson-East Coast Line, the site is connected directly within 10 minute to key precincts in the city centre including Orchard, Bugis and Marina Bay.
Based on the Masterplan 2014, the site is zoned ‘Residential’ and sits within the Good Class Bungalow Area (White House Park). Its zoning offers multiple development opportunities.
According to the URA’s Guidelines For Redevelopment Or Additions & Alterations (A&A) Of Existing Flats & Condominiums Within Safeguarded Landed Housing Areas dated 6 April 2009, Villa D’Este may be redeveloped back to the existing condominium housing form provided there is no intensification of the existing approved gross floor area (GFA) and storey height.
The site can also be developed to Good Class Bungalows. Based on the URA guidelines of minimum plot size of 15,069 sq ft and minimum plot width of 18.5m, the regularly shaped site with a land area of approximately 55,480 sq ft and wide frontage of more than 90 metres on Dalvey Road lends itself to a subdivision of 3 generous GCB plots. Alternatively, the site may be redeveloped to a single majestic GCB.
The key attractions of the site are:
- Located within the prestigious Nassim Road and White House Park GCB area.
- Extremely quiet and peaceful surroundings overlooking mature trees and greenery
- Walking distance to Singapore Botanic Garden, a UNESCO Heritage Site.
Galven Tan (陈威礽), Director, Capital Markets, CBRE said, “This is an exceptional offering. New condominium developments located within GCB areas are extremely sought after by foreigners as it offers them the prestigious GCB address since they are not allowed to own GCBs. Both developers from Singapore and the region will be very keen on the opportunity”.
“The GCB market has also been very active this year, with 22 deals worth approximately $463 million transacted. At this quantum, it is more than half the total quantum of $788.53 million transacted in 2016. GCBs that are in proximity to the Singapore Botanic Gardens are extremely sought after.” Galven added.
CBRE is the exclusive sole marketing agent for this Public Tender Exercise.
The tender closes on 25 August 2017, Friday at 3 pm.
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Disclaimer:
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at https://www.cbre.com.
