Ultra Mansion, a freehold residential development near Novena MRT station in prime District 11 has been sold through a collective sale for S$149.130 million, in a deal brokered by Cushman & Wakefield (C&W).
“The sale of Ultra Mansion following the recent round of cooling measures illustrates the attractiveness of Singapore’s residential real estate market for investment. Residential units in the Novena vicinity have always enjoyed good demand because of its favourable rental yield,” said Christina Sim, Director of Capital Markets, Cushman & Wakefield Singapore.
The 48-unit property is located at 4 Derbyshire Road and was purchased by Fantasia (Novena), a subsidiary of Hong Kong-based Fantasia Holdings Group.
The site is centrally located within the Novena commercial and medical hub and is close to good amenities.
Ultra Mansion could yield about 140,000 sq ft of gross floor area (GFA) and may be developed into a 170-unit residential project comprising one- and two-bedroom SOHO apartments.
Toby Dodd, Country Manager for Cushman & Wakefield Singapore, noted: “We are delighted by this sale and the positive sentiment shown from overseas developers in the Singapore residential market despite the latest round of government cooling measures. We are currently working on other similar projects, and expect to see more deals of this nature throughout the year.”
Source : PropertyGuru – 6 Mar 2013