Singapore-listed KOP Ltd and its subsidiaries announced the purchase of Villa D’Este in an en bloc deal worth $93 million. The freehold 55,000 sq ft site with just a block of 12 apartments sits within a Good Class Bungalow enclave of Dalvey estate in prime District 10. However, it can be redeveloped into a new condominium with the existing gross floor area of 49,072 sq ft. If the development charge of $130,000 is included, the sale price translates to $1,898 psf per plot ratio.
Villa D'Este successfully sold in its second collective sale attempt (Credit: CBRE)
KOP announced that it intends to redevelop the site into a new high-end condominium. The purchase price of $93 million is below the $96 million asking price when the project was put up for launch in July last year. When it failed to find a buyer at the close of the tender, the site was launched for sale by tender a second time this January. When this recent tender closed in March, and still no buyer emerged, the property was offered for sale by private treaty. CBRE, the marketing agent, brokered the sale.
Upon the successful conclusion of the collective sale, the owners of Villa D’Estate will walk away with $7.57 to $8.07 million each, according to Galven Tan, CBRE executive director of capital markets. This marks the second collective sale attempt by Villa D'Este. Its first collective sale attempt was in 2010, and its price tag then was $115 million.