Minbu Villa, a freehold condominium estate in Singapore's prime Balestier Road residential area, has joined a growing group of mature developments aiming for en bloc sales, according to a report by The (Singapore) Business Times.
The 38,426-square-foot, 10-floor development kicked off its collective sale tender with a reserve price of S$145.8 million, which reflects a land rate of S$1,355 per square foot per plot ratio. The 37-year-old estate has 33 units and a penthouse.
Savills Singapore is marketing the collective sale, which has the potential to allow a buyer to construct a new building rising up to 36 levels, spanning a permitted gross floor area of 107,593 square feet, the paper cited the property agency as saying.
Due to the high-level development baseline of 11,648 square meters, a buyer would not be saddled with a development charge.
The en bloc tender will stay open until April 17 2:30 p.m. local time, the March 14 report noted.
As of March 14, US$1 was equivalent to S$1.31.
