Novena Ville sold en bloc for $131m

Novena Ville sold en bloc for $131m

Tenants of a busy stretch of eateries in Novena are weighing their future after the Novena Ville site was sold to the Fragrance Group for $131.52 million. Novena Ville comprises 33 apartments and 10 shop units, which include restaurants like the well-known Wee Nam Kee Chicken Rice shop and The Vines Seafood and Steak Restaurant.

With the sale, each apartment owner stands to receive gross sales proceeds of between $2.1 million and $2.7 million, and each shop owner between $4.8 million and $6.3 million.

Source: The Straits Times – 26 May 2012