SINGAPORE - A district 11 residential site at No. 4 Derbyshire Road has been sold to Fantasia (Novena) for $149,130,000.
Ultra Mansion is a freehold residential re-development site within minutes from Novena MRT Station.
Completed in 1970, it comprises of a total of 48 apartments within a 13-storey block.
The site can yield 140,000 sqft of gross floor area, which can be used for development of a residential block with 170 one and two-bedroom units. Each unit can range from 600 sqft to 900 sqft.
Christina Sim, Director of Capital Markets at Cushman & Wakefield Singapore, said: "The sale of Ultra Mansion following the recent round of cooling measures illustrates the attractiveness of Singapore's residential real estate market for investment."
Toby Dodd, Country Manager of Cushman & Wakefield Singapore also said: "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," he added.
Fantasia (Novena) Pte Ltd, a subsidiary of listed Hong Kong company Fantasia Holdings Group Co. Ltd. The sale was brokered by International property consultant, Cushman & Wakefield.
Homes in the Novena area are considered prime estate, as the area is a short distance away from good schools, shopping malls, offices and specialist beauty and lifestyle stores.
The area also boasts the newly-built Mount Elizabeth Novena Hospital, which was opened in July 2012.