Far East Consortium acquired The Estoril for $223.9m (En-bloc)
The Estoril is a freehold development located in Holland Road. The aged residential development had successfully went through a collective en-bloc sale for $223.9 million, acquired by Hong Kong-listed Far East Consortium’s unit FEC Properties.
The transaction work out to be $1,654 per square foot per plot ratio (psf ppr). The sale included 10 per cent bonus balcony gross floor area (GFA), the site parcel translate to a lower $1,504 psf ppr. The residential development has no payable development charge after included the area.
The acquired site of 84,600 sq ft is zoned for residential use with a 1.6 plot ratio under the planning from the Urban Redevelopment Authority’s Master Plan 2014.
The Estoril has a total of 44 units comprising 4 penthouses and 44 units.
After the fourth attempt for en-bloc, the sales went through with each owner estimated to receive a gross payout of about $4.6 million per residential unit, and estimated of $9.85 million to $9.95 million per penthouse unit.
The new residential condo to be known as Parc Central Residences.
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