Far East Consortium buys The Estoril for $224 mil

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April 6, 2018 11:31 AM SGT
Freehold development The Estoril at 95 and 97 Holland Road has been sold to FEC Properties, a wholly-owned subsidiary of Hong Kong-listed Far East Consortium International. According to marketing agent CBRE, the sale price of $224 million reflects a land rate of about $1,654 psf ppr.
Freehold The Estoril bought by FEC. (Credit: CBRE)
The Estoril has 40 apartments and four penthouses on a 84,600 sq ft site. Each apartment unit owner will receive a gross payout of about $4.6 million. Owners of the penthouse units will receive between $9.85 million and $9.95 million.
No development charge is payable, including the 10% bonus balcony GFA, according to the URA baseline record. Based on the 2014 Master Plan, the site has a plot ratio of 1.6 and is zoned “residential”.
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The recent keen interest in the URA Holland Village mixed-use development extension site signals that developers remain confident about this location, especially in view of further rejuvenation in the locality, says Sammi Lim, director of capital markets at CBRE.
The sale of The Estoril is the fourth collective sale transacted by CBRE in 2018. Adjacent to The Estoril is Hollandia, which was sold to Far East Consortium for $183.4 million in March.