Novena Ville sold for S$131.5m

Novena Ville has been successfully sold in a collective sale exercise for S$131.5 million to property developer Fragrance Group.

The sale price works out a land rate of S$1,730 psf per plot ratio. The land area is about 51,092 sq ft, and has a gross plot ratio (GPR) of 1.4 and an allowable height of up to four storeys.

There is no development charge is payable for redevelopment.

The freehold mixed-use development comprises of 33 apartments and 10 shop units.

Each apartment owner are expected to get gross sales proceeds of between S$2.1 million and S$2.7 million while each shop owner stands to receive between S$4.8 million and S$6.3 million.

The collective exercise received four bids when closed on May 24.

Credo Real Estate, who handled the sale, said Novena Ville’s key attraction lies in its mixed-use zoning and location on Thomson Road and its proximity to shopping centres like Novena Square, Square 2, and United Square.