SINGAPORE - Home owners at Villa D'Este condominium in Dalvey Road are the latest to leap into the resurgent collective sale market.
Owners of the condo in the prime District 10 area have put it on the market for $96 million.
Marketing agent CBRE told The Straits Times yesterday that the asking price works out to about $1,730 psf on the land area of 55,480 sq ft. There is no development charge.
The freehold property comprises 12 apartments ranging in size from 3,465 sq ft to 3,939 sq ft.
CBRE said owners of 10 out of the 12 units - or about 83 per cent - have agreed to the collective sale.
Mr Galven Tan, CBRE capital markets director, said the owners started the en bloc process nine months ago amid some "green shoots that showed the residential market was poised for recovery".
"It's hard to time the market... but by a stroke of good luck, we see developers turning more aggressive in land acquisition now," he added.
Each owner stands to pocket about $7.5 million to $8 million from the sale.
The condo project was offered for collective sale in 2010 for $115 million, but there were no buyers owing partly to the hefty price tag and weak market confidence as the Government had started rolling out property cooling measures then.
Based on the Urban Redevelopment Authority's Masterplan 2014, the site is zoned for residential use and sits within a good class bungalow area. CBRE said the zoning offers multiple redevelopment potential for the plot. It can be redeveloped into one to three good class bungalows or about 24 apartments with an average size of 2,000 sq ft on a gross floor area of over 49,000 sq ft.
"New condominium developments located within good class bungalow areas are extremely sought after by foreigners... Both developers from Singapore and the region will be very keen on the opportunity," said Mr Tan.
The collective sale market has steamrolled ahead with four deals done this year: One Tree Hill Gardens, Goh & Goh Building, Rio Casa and Eunosville. The total value is $1.5 billion, surpassing the three deals worth $1 billion for all of last year.
Villa D'Este joins a slew of properties that have been put on sale in recent months: The Albracca in Meyer Road, and former HUDC estates Serangoon Ville in Serangoon North Avenue 1 and Tampines Court in Tampines Street 11. The Villa D'Este tender closes on Aug 25.