Far East Consortium bags The Estoril for $223.9m
FEC Properties, a completely owned subsidiary of Hong Kong listed Far East Consortium International has bought Freehold development “The Estoril” in 95 and 97 Holland Road. As per marketing agent CBRE, the sales price of $224 million is set to a land rate of around $1,654 psf ppr.
The Estoril comprises 4 penthouses and 40 apartments on a 84,600 sq ft area. Each individual apartment unit owner would receive a gross pay-out of around $4.6 million. Penthouse units’ owners would receive around $9.85 million to $9.95 million.
No development charges are applicable, including 10% bonus balcony GFA, as per the URA baseline records. Based upon the Singapore’s 2014 Master Plan, this site has a plot ratio of around 1.6 and is specifically zoned “residential”.
The keen interest in recent days in the URA Holland Village mixed-use development extension send the message to the developers to remain confident, in particular their view of further rejuvenation in this locality, tells Sammi Lim, director of capital markets at CBRE.