Singapore, 4 April 2018 –CBRE is pleased to announce that the public tender for The Estoril (95 and 97 Holland Road) has been awarded to FEC Properties Pte Ltd, wholly owned subsidiary of Far East Consortium International Limited.
The sale price at $223.938 million reflects a land rate of approximately $1,654 psf per plot ratio. According to the URA baseline record, no development charge is payable including the 10 per cent bonus balconies GFA. Based on the 2014 Master Plan, the site comes with a Plot Ratio of 1.6 and a site area of approximately 84,600 sq ft and is zoned “Residential”.
Sammi Lim, Director, Capital Markets, CBRE said, “We are very pleased to have achieved a successful tender for the owners of The Estoril. This proves that developers concur that The Estoril is a site with excellent attributes in an attractive location. The recent keen interest for the URA Holland Village mixed-use development extension site also signals that developers remain confident about this location, especially in view of further rejuvenation in the locality.”
The Estoril is a 44-unit development, comprising 40 apartments and 4 penthouses. Each apartment unit owner will stand to receive a gross payout of approximately $4.6 million. The penthouse units will receive between $9.85 to $9.95 million. This is The Estoril’s fourth collective sale attempt.
The sale of The Estoril is the fourth collective sale sold by CBRE in 2018, following the successful sale of Pacific Mansion ($980 million), Cairnhill Mansions ($262 million) and Riviera Point ($72 million).
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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.
