The Estoril sold to Far East Consortium for $223.94m

Owners of the 40 apartments will receive around $4.6m after the sale.

The public tender for The Estoril at 95 and 97 Holland Road has been awarded to Far East Consortium’s subsidiary FEC Properties for $223.94m or $1,654 psf ppr, CBRE revealed. It was sold 1.7% above the asking price of $220m.

According to an announcement, The Estoril is a 44-unit development, comprising 40 apartments and four penthouses. Each apartment unit owner will stand to receive a gross payout of approximately $4.6m. The penthouse units will receive between $9.85m to $9.95m.

CBRE previously said that developers can turn it into a residential development of 166 units. This is The Estoril’s fourth collective sale attempt.

The URA baseline record said no development charge is payable including the 10% bonus balconies GFA. Based on the 2014 Master Plan, the site comes with a Plot Ratio of 1.6 and a site area of approximately 84,600 sq ft and is zoned “Residential”.

CBRE capital markets director Sammi Lim said, “We are very pleased to have achieved a successful tender for the owners of The Estoril. This proves that developers concur that The Estoril is a site with excellent attributes in an attractive location. The recent keen interest for the URA Holland Village mixed-use development extension site also signals that developers remain confident about this location, especially in view of further rejuvenation in the locality.”