Freehold residential development Tivoli Lodge has entered private treaty on Friday – after having been launched for collective sale by tender in March this year – sole marketing agent ERA Realty Network told The Business Times.
The guide price remains the same at S$17.3 million, which translates to a land rate of about S$795 per square foot per plot ratio.
There will not be any additional development charge payable to the authorities, due to the high development baseline for the land, ERA Realty said on Friday.
The condominium spans eight storeys with 14 three-bedroom units, and received its temporary occupation permit in 1995.
It occupies a site area of 7,270 square feet, zoned for residential or institutional use with a gross plot ratio of 2.8 under the Urban Redevelopment Authority’s Master Plan 2019.
Tivoli Lodge offers an opportunity for a “boutique-sized” project, given the low price quantum which will be “less risky” for developers, said Benjamin Poh, a division director at ERA Realty.
Investors may also turn the site into a co-living space, which will suit the Geylang area when it is revamped into a commercial environment, he suggested.
Situated along Lorong 31 Geylang, the property is about a 15-minute drive to the central business district. It is also a 16-minute walk to the mixed-use development Paya Lebar Quarter with retail, office and residential components, and a nine-minute walk from Aljunied MRT station.
Fortis Law Corporation is carrying out the collective sale of the property.