As Developers Continuing Looking for Small Site, Will Tivoli Lodge Follow Success of Yuen Sing?
Tivoli Lodge Condo which is near Geylang’s Paya Lebar end, entered into a private treaty sale mid-August 2020.
It is a freehold residential site located at Lorong 31 and is being marketed by the ERA Realty Network.
Tivoli Lodge had earlier floated a sale tender in March 2020 for an estimated reserve price of S$17.3 million. this amount roughly translated to S$795 per square foot per plot ratio.
Since the property already has a high development baseline, there will be no additional development charge.
Tivoli Lodge Condo is an existing eight storey residential building that has 14 apartments, each with three bedrooms. There are two units in each level.
The site measures an area of 675.4 sq. mtrs. or 7,270 sq. ft. Under the Master Plan, 2019 of URA, Tivoli Lodge is marked as a residential or institutional site having a gross plot ratio or GPR of 2.8.
Tivoli Lodge poses to be a less risky undertaking for developers since the boutique sized site goes under sale for a reserved price of S$17.3 million, which is a low-price bracket, said the divisional director of ERA Realty Network Benjamin Poh.
He added that alternatively investors could redevelop the site as a co-living space after URA transformation.
According to Mr. Poh, small time developers are the likely buyers.
There are plans to revamp Geylang into a major commercial hub, said Poh. The fact that it is just 10 minutes’ drive away from CDB is also a bonus point.
It is also just 750 meters away from the 4-hectare retail, residential and office mixed development site Paya Lebar Quarter.
Best of all, the Aljunied MRT Station is only 5 mins walk away.