Newton Lodge tries second collective sale attempt at $44 mil
By Charlene Chin
/ EdgeProp |
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Newton Lodge, a 16-unit apartment near Novena, is making its second try at a collective sale following its attempt in January, at the same asking price of $44 million, or $1,468 psf per plot ratio (ppr).
The reserve price translates to $1,359 psf ppr once the additional 8% bonus gross floor area (GFA) for balconies and communal areas is included. Development charges are not payable for the redevelopment.
The property, a six-minute walk to Novena MRT Station on the North-South Line, is on a freehold site spanning 21,409 sq ft. It is zoned for residential use under the 2014 Master Plan, with an allowable gross plot ratio of 1.4.
The property may be redeveloped into a low-rise apartment project comprising up to 27 units averaging 1,076 sq ft each, says JLL, which is marketing the property.
The tender for Newton Lodge closes on July 11, at 2.30pm.
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