Ultra Mansion sold for a whopping $149.1m

Guess who the buyer is.

According to Cushman & Wakfield, Ultra Mansion located at No 4 Derbyshire Road within the prime district 11 Novena commercial and medical hub has been sold enbloc for $149,130,000.

The Buyer is Fantasia (Novena)  a subsidiary of listed Hong Kong company Fantasia Holdings Group Co. Ltd. The sale was brokered by International property consultant, Cushman & Wakefield.

Ultra Mansion, located within the prime district 11 Novena commercial and medical hub, is a freehold residential re-development site. It is within some 5 minutes walk to the Novena MRT Station.

Completed in 1970, it comprises a total of 48 apartments within a 13-storey block.

Here's more from Cushman & Wakefield:

The locality of Novena has traditionally been popular amongst investors and homebuyers as an alternative to Orchard Road because of its proximity to good schools, shopping malls, offices and specialist beauty and lifestyle stores such as Velocity.

Certainly, the main draw is the reputation for Novena as an exclusive medical hub. With the new S$2-billion dollar ‘state-of-the-art’ Mount Elizabeth Novena Hospital opened for business in July 2012, the locale of Novena has become the commercial and medical hub of Singapore therefore attracting investors from across Asia.

This site can potentially yield some 140,000 sqft of gross floor area. It can be developed into an up-market residential block comprising some 170 units of 1 and 2 bedroom SOHO/apartments ranging from 600 sqft.