The 21,409 sqft freehold site may be redeveloped into a 27-unit low rise apartment.
Newton Lodge which is a 16-unit development at Newton Road was launched for sale at $44m, an announcement by real estate firm JLL revealed.
The 21,409 sqft freehold site is zoned ‘residential’ in the 2014 Master Plan with an allowable gross plot ratio (GPR) of 1.4. The price reflects a land rate of $1,468 psf ppr, according to JLL.
“Should the purchase factor an additional 8% bonus gross floor area (GFA) for balconies and communal areas, the reserve price translates to a lower rate of approximately $1,359 psf ppr,’ the firm said.
Newton Lodge may be redeveloped into a low-rise apartment comprising of up to 27 units with an average size of 100 sqm per unit. The site is also suitable for a serviced residence which could potentially house an estimated 50 to 60 rooms that can be rented for a minimum seven-day stay, JLL noted.
The site is located approximately 400 m away from the Novena MRT station and Novena commercial cluster. With the government’s vision of developing the area into SIngapore’s largest healthcare hub by 2030, Health City Novena will house health services, medical research and education, integrated with commercial, leisure and public community spaces across 17 ha.
“Purchasers who wish to develop an entire building for co-living spaces or short-term accommodations should find Newton Lodge’s central location, project size and price quantum attractive,” JLL’s senior consultant Karamjit Singh said in a statement. “Professionally-run and organised co-living concepts to the levels of the co-working phenomenon is still in its infancy in Singapore, and is expected to grow especially with high stamp duties payable for home purchases by foreigners in Singapore.”
The tender for Newton Lodge will close on 26 February 2019 at 2:30 p.m.
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