The 16-unit freehold development Newton Loge has relaunched their collective sale at second such attempt.
The owner’s property located close to the Novena MRT station are expecting to fetch minimum of S$44 million from this sale.
Interestingly the asking price for the property has remained unchanged from its previous en bloc sale attempt in the month of January this year.
The freehold site that has been zoned ‘residential’ encompasses an area of 21,409 sq ft and this translates into S$1,468 psf ppr land rate.
It has a gross plot ratio of 1.4. The land rate would drop to S$1,359 psf ppr if the 8% bonus area in the communal areas and the balcony is taken into account.
There are no development charges payable for this side. The property has good redevelopment potential and can easily be redeveloped into a 27-unit low rise condo with the units averaging 100 sq m in size.
Newton Lodge freehold site is advantageously located 400 metres away from Novena MRT station as well as the Novena commercial cluster.
It needs to be mentioned that the government has plans of transform Novena area into the largest healthcare hub in Singapore by the year 2030.
Once this dream is realised, the Health City Novena that would cover 17 hectares will have an ecosystem that is centered on medical research and education, healthcare services apart from integrated developments and community spaces.
There is also a possibility of a co-living apartments or serviced residences coming up in place of Newton Lodge if necessary, approvals are received from the authorities.
Under such a plan the site can yield 50-60 rooms that can be rented for short-term stay.
Senior consultant at JLL the marketing agents for this sale, Karmjit Singh believes that co-living and co-working phenomenon is slowing gaining popularity in Singapore and going forward this demand shall increase.
In such an environment a professionally-run space would have many takers. He added that they are receiving increasing number of enquiries from companies that manage co-living spaces and this trend is likely to go up.
Newton Lodge’s public tender shall close on July 11 at 2:30 PM