Freehold development Vicenta Lodge sold for $27.2 million in a collective sale via private treaty (Picture: PropNex Realty)
SINGAPORE (EDGEPROP) - Freehold development Vicenta Lodge has been sold for $27.2 million in a collective sale via private treaty on March 15. According to a March 16 press release by PropNex Realty who brokered the deal, the sale price translates to a land rate of $968 psf per plot ratio (psf ppr) after factoring the bonus balcony space and development charge.
The 16-unit development was first launched for collective sale in April 2021 at $29 million. It was subsequently relaunched for collective sale by PropNex in February at a lower reserve price of $27.2 million. The latest tender had closed on March 10.
Source: EdgeProp Landlens
Vicenta Lodge is located at 16,18, 20, 22 Lorong Marzuki in Kembangan. It sits on a 21,281 sq ft plot of land which has a plot ratio of 1.4 under the URA Master Plan 2019. The property has a gross floor area (GFA) of approximately 29,794 sq ft.
The lower reserve price, coupled with Vicenta Lodge’s freehold tenure and its proximity to the Kembangan MRT station, resulted in renewed interest from developers seeking to redevelop smaller boutique residential complexes, observes Tracy Goh, head of investment and collective sales at PropNex.
Source: EdgeProp Landlens
Recent bidding at various Government Land Sales (GLS) tenders also saw firm bids from many developers who are keen to replenish their land inventory, as healthy sales have depleted their stock of unsold units in new projects, adds Goh.
“Against this backdrop of diminishing supply and resilient home demand, we expect developers’ appetite for residential sites — in both GLS and the collective sale market — to remain healthy for the rest of the year,” she says.
Check out the latest listings near Vicenta Lodge, Kembangan MRT station