Fragrance

Fragrance: has bought Novena Ville, a freehold mixed-use devt, in a collective sale exercise for $131.5m, inline with the asking price of $125 -135m. The development comprises 33 apartments and 10 shop units. Each apartment owner stands to receive gross sales proceeds of btwn $2.1m and $2.7m and each shop owner, btwn $4.8m and $6.3m. Credo Real Estate, who handled the sale, said the sale price reflects a land rate of $1,730psf pppr. No development charge is payable for redevelopment of the site. The freehold site, launched on Apr 26, has a land area of ~ 51.1 ksf. It has a gross plot ratio (GPR) of 1.4 and an allowable height of up to four storeys. The development received four bids, when the tender closed on May 24. Credo 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.