Novena Ville up for en-bloc sale

Novena Ville, a 43-unit mixed-use development along Thomson Road, has been put up for en-bloc sale.

The site is expected to be hotly contested as it has the potential to accommodate shops on the ground floor.

Credo adds that the sellers are expecting offers in the region of S$125 million to S$135 million.

The freehold site has an area of 51,092 square feet and with a Gross Plot Ratio (GPR) of 1.4 and an allowable height of up to four storeys.

Depending on the quantum of commercial and residential GFA proposed, the prices translate to land rates of about S$1,748 to S$1,887 psf/pr for redevelopment up to a GPR of 1.4.

If the extra 10 per cent allowance for the balcony space of the residential component is included, the land rates will be reduced to the range of S$1,626 to S$1,756 psf/pr, as no development charge is payable for redevelopment of the site.

Source : Channel NewsAsia – 25 Apr 2012