CASA NOVACREST GOES EN BLOC
Weekend July 8, 2006
Shobha Tsering Bhalla
shobha@newstoday.com.sg
RIDING on the momentum in demand for prime residential land in
Singapore's upbeat districts 9, 10 and 11, a boutique apartment
has just come under the hammer.
Seventeen units of the 20-unit Casa Novacrest, an eight-year-old
development located near Cairnhill, within walking distance of Newton
MRT, have been released for sale by tender.
The asking price for the 17 units is $25 million. Based on the
total strata floor area of 25,908 sq ft, this works out to $965
per sq ft. The units range from 1,420 sq ft to 1,582 sq ft. They
are being offered "primarily as a prime residential boutique
development suitable for alterations and additions, as well as Casa
Novacrest on the whole as a redevelopment site," said Mr Wee
Sing An, associate director of Credo Real Estate, which is marketing
the property.
The global price for purchasing Casa Novacrest as a whole is $29-$30
million.
Based on this amount, the land price works out to about $828-$857
per sq ft on the approved gross floor area of 34,993 sq ft.
At that price, break-even costs for the site would be about $1,200
per sq ft, said Mr Wee. The tender closes at 2.30pm on Aug 15.
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