FEC properties which is owned by Far East Consortium had recently bought The Estoril at Holland Road, this freehold condo was purchased at approximately $223.mil via collective sales.
This translates the property rate to approximately $1654 psf, ppr. Along with the bonus of 10 percent Gross Floor Area that derives from the balcony space. Due to the inclusion of 10% bonus, the price of the land is also reduced to $1504 psfppr.
As the foundation of the property is at the benchmark, therefore, after brokering the bonus area of 10%, no development charges are incurred on the property.
This freehold property is allotted for residential use; likewise, a massive area of 84600 sq ft has been split for this purpose.
For the EnBloc to proceed, there must an agreement by owners of the development, and the total share value owned by this group of owners on the property must be at least 80% or more. If there is no consensual agreement between the owners, transactions will depend on the permission from the STB (Strata Titles Board) and or even the courts if there is a need.
The Estoril development comprises of six stories and has a total of 44 residential units which further breaks into forty apartments and 4 penthouses.
Based on digital information of fourth collective sale attempt of Estoril. The owners sustained to achieve gross outlay of around $4.6 mil each house while yielding 9.9 millions on each penthouse.
Other than The Estoril, Perennial Real Estate Holdings also had a joint venture with another renowned developer, Qing Jian Group to develop another upcoming new launch which derives from an old, condominium, Goodluck Garden. Goodluck garden sits on a freehold site and the site is also acquired via collective sales. This old Singapore condo was found along Toh Tuck Road in the west of Singapore and has a land size of approximately 360,000 square feet.
http://www.straitstimes.com/business/property/far-east-consortium-bags-the-estoril-for-2239m
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