Kismis Lodge put up for en bloc sale

Kismis Lodge, which is located off Toh Tuck Road, has been put up for collective sale by Credo Real Estate.

The property currently comprises 64 units of walk-up apartments with a land area of 70,283 square feet.

In a statement issued on Monday, Credo said the owners are expecting offers of around S$90 million to S$95 million.

This translates to about S$1,281 per square foot (psf) to S$1,352 psf.

If the deal goes through, Credo said each owner will pocket S$1.4 million to S$1.48 million.

Under the 2008 Master Plan, the site is zoned for “3-storey mixed landed” development.

Credo said this will allow the developer of the site to build a combination of conventional terrace houses, semi-detached houses and detached houses; or cluster landed housing with strata terrace houses, strata semi-detached houses and strata bungalows with communal facilities.

Yong Choon Fah, executive director of Credo Real Estate, said: “Based on URA’s prevailing guidelines for strata landed developments, the purchaser of Kismis Lodge could possibly build as many as 43 strata terrace houses, or 32 strata semi-detached houses, or alternatively, choose to build a combination of up to 22 conventional and 20 strata terraces, subject to approval.”

Credo said over 80 per cent of the owners have consented to the collective sale.

The tender for Kismis Lodge will close at 2.30pm on Wednesday, 15 August.

Source : Channel NewsAsia – 16 Jul 2012

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