Monday, March 21, 2011

Newton Lodge up for collective sale

Newton Lodge up for collective sale

Mar 17, 2011 -

Newton Lodge, a 16-unit freehold apartment block at 41 Newton Road, has been launched for collective sale with an indicative price of S$40 million.

CB Richard Ellis (CBRE), which is marketing the property, said a development charge of approximately S$2.18 million has been estimated, based on March 2011 rates. This works out to around S$1,407 psf ppr.

“If a developer maximises the bonus 10 percent balcony space, the price works out to S$1,340 psf ppr with a breakeven of approximately S$1,860 psf,” it said.

Jeremy Lake, Executive Director for Investment Properties at CBRE, said the site is an “excellent opportunity for a developer to design a boutique development with small units catering to the needs of the young working population wanting to live close to town.”

Zoned for residential development, the site has a total area of 21,409 sq ft with a plot ratio of 1.4 under the Masterplan 2008. The area is well served by a cluster of shopping malls, including Novena Square Shopping Mall, as well as office towers like United Square and Square 2.

“Given the excellent location and proximity to the MRT Station and upcoming medical hub, coupled with the affordable ‘bite size’ quantum, the new development is expected to draw keen interest from both local and regional investors and owner occupiers working in the area,” said Mr. Lake.

CBRE noted that the site is also suitable for individual families looking to build a multi-generation family home.

“Given its excellent attributes, several boutique developers and high net worth individuals have already expressed their keen interest to acquire the site,” added Mr. Lake.

The tender for the site will close on 20 April 2011.

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