This translates to a land rate of S$1,468 per sq ft per plot ratio (psf ppr) at a 1.4 gross plot ratio, said the property’s sole marketing agent JLL. Factoring in an additional 8 per cent bonus gross floor area for balconies and communal areas, the land rate drops to about S$1,359 psf ppr. Development charges are not payable for the site’s redevelopment.

The property is some 400 metres from Novena MRT station and the Novena commercial cluster. Major developments are underway in the Novena area to transform the area into Singapore’s largest healthcare hub, Health City Novena, by 2030, JLL noted.

Earmarked for residential use under the Urban Redevelopment Authority’s 2014 Master Plan, the site may be redeveloped into a low-rise apartment project, serviced residence or a custom-built co-living development, said JLL. If approved for serviced apartments, Newton Lodge could potentially house around 50 to 60 rooms.

Karamjit Singh, senior consultant at JLL, said: “Purchasers who wish to develop an entire building for co-living spaces or short-term accommodation should find Newton Lodge’s central location, project size and price quantum attractive. Not only would a boutique-sized project be more manageable, a smaller community of like-minded residents may also result in more meaningful social engagements.”

The tender for Newton Lodge closes on Feb 26 at 2.30pm.

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Freehold apartment Newton Lodge at 41 Newton Road has a reserve price of S$40 million and a development charge of S$2.18 million.

That is according to CB Richard Ellis, the marketing agent for the site.

The price translates to S$1,407 per-square-foot-per-plot-ratio (psf ppr) for the 16-unit, 21,409-square-foot apartment with a plot ratio of 1.4.

If a developer maximises the bonus 10 per cent balcony space, the price works out to be S$1,340 psf ppr, with a breakeven price of S$1,860 psf.

Newton Lodge is 300 metres away from Novena MRT Station, and is well served by a number of shopping malls and medical centres.

CB Richard Ellis said some boutique developers and high-net-worth investors have already expressed interest in the site.

The tender for Newton Lodge closes at 3pm on April 30.

Meanwhile, apartment developments Braddell Park and Coronation Grove are also going enbloc.

That is according to their marketing agent Credo Real Estate.

Braddell Park is a 45-unit apartment complex off Braddell Road and Upper Serangoon Road. Credo is expecting offers of S$90 million to S$100 million for the site.

This translates to a land rate of approximately S$674 to S$746 psf ppr for redevelopment up to a gross plot ratio of 1.4.

Braddell Park, which is 350 metres away from Woodleigh Station, has a land area of 91,360 square feet. And with the sale of an adjoining piece of state land of 6,540 square feet, the total size of available land adds up to about 97,900 square feet.

With a total gross floor area of 150,766 square feet, the site may be redeveloped into 145 apartment units with an average size of 1,000 square feet.

As for Bukit Timah property Coronation Grove, the marketing agent expects offers of S$86 million to S$90 million for the 24-unit, 62,011-square-foot property.

This translates to SS$1,387 psf to S$1,451 psf over the land area.

The site is zoned for three-storey semi-detached houses, which could be developed into 28 strata semi-detached houses or 11 bungalows.

Coronation Grove is easily accessible by Farrer Park MRT Station and Tan Kah Kee Station, and is a short distance from shopping malls like Coronation Shopping Plaza.

Both Braddell Park and Coronation Grove were built in the 1980s.

The tender for Braddell Park closes on 14 April 2011 at 2.30 pm, while the tender for Coronation Grove closes on 18 April at 2.30 pm.

Source : Channel NewsAsia – 16 Mar 2011

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