The private residential property market may be seeing subdued times, but that is not stopping owners of Chestnut Ville I and II from testing the en bloc sale market.
The mix-landed site at Dairy Farm Crescent, off Upper Bukit Timah Road, has been put up for collective sale by property consultant Credo Real Estate. The owners have an indicative price of S$90 million for the combined plots. With the inclusion of an estimated development charge of S$1 million, the price works out to S$741 per sq ft of gross floor area.
The developer's break-even price for an intermediate strata terrace house development is estimated to be about S$2.1 million.
If conventional bungalows are built, the break-even price rises to about S$3.8 million.
Chestnut Ville I and II currently comprise 11 townhouses and 34 walk-up maisonette units with a combined land area of 122,677 sq ft.
Under the 2003 Master Plan, the site is zoned for three-storey mixed-landed housing. This means the site can be redeveloped into a combination of conventional terrace houses, semi-detached houses and detached houses or cluster landed housing.
The tender for Chestnut Ville I and II closes at 2.30pm on April 8. - CNA/so
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