Kovan Lodge, a freehold residential site at Kovan Road is up for sale by tender, according to marketing agent Mount Everest Properties.
Sited on a 27,090 sq ft plot, Kovan Lodge could be redeveloped into a larger residential development, subject to approval by the relevant authorities.
If approval is granted to acquire an adjoining 505 sq ft state land parcel, the development could have a built up of 38,633 sq ft, given its existing gross plot ratio of 1.4.
Meanwhile, the indicative price of S$31 million translates to S$802 psf ppr.
Conveniently located in District 19, the site is close to shopping centres like Hougang Mall and Heartland Mall as well as the upcoming Food Street @ Simon Road near Kovan MRT station.
“Due to the scarcity of affordable freehold land that can be redeveloped into a landmark development in the Kovan area, there is likely to be substantial interest in the tender opportunity for Kovan Lodge from developers and builders,” said Mount Everest Properties.
The tender for the site will close on 25 September.
Source : PropertyGuru – 16 Aug 2012