Fernhill Court - a prime development located next to the Nassim Road, Dalvey Road and White House Park Good Class Bungalow areas - will be put up for collective sale at a reserve price of $125 million.
The sale via public tender will start today, Colliers International said yesterday.
The reserve price translates to a land rate of $1,885 per square foot per plot ratio (psf ppr), after factoring in a development charge of $3.7 million payable for the intensification of land use, Colliers said.
"This compares favourably against the land rate of $1,898 psf ppr achieved for the collective sale of Villa D'Este in Dalvey Road recently," it noted.
With 100 per cent consensus from the owners already obtained, the successful bidder will not be required to obtain approval from the Strata Titles Board for the sale, and will be able to take possession of the site following the end of the vacant possession period, Colliers added.
Built in 1981, Fernhill Court comprises 18 maisonettes with sizes ranging from 2,271 sq ft to 2,982 sq ft.
Each owner will stand to receive a minimum of between $6.32 million and $8.3 million from the successful sale of the development.