SINGAPORE - Newton Lodge, a 16-unit apartment development near Novena MRT station, is making a second attempt at a collective sale.
The vendors are expecting a minimum of $44 million for the freehold 21,409 sq ft site zoned "residential", which reflects a land rate of $1,468 per sq ft per plot ratio (psf ppr) based on an allowable 1.4 gross plot ratio.
The minimum asking price is the same as its previous attempt in January this year. If achieved, it means each owner gets between $2.5 million to $3.0 million.
Should the deal factor an additional 8 per cent bonus gross floor area for balconies and communal areas, the reserve price translates to a lower rate of about $1,359 psf ppr. Development charges are not payable for the redevelopment.
The property may be redeveloped into a low-rise apartment project comprising up to 27 units, with an average size of 100 sq m per unit.
Newton Lodge is located about 400m from Novena MRT station and the Novena commercial cluster.
The Government intends to turn the Novena area into Singapore's largest healthcare hub by 2030. When completed, Health City Novena, spanning across 17ha, will form an entire ecosystem revolving around health services, medical research and education, integrated with commercial, leisure and public community spaces.
Subject to approval from the authorities, Newton Lodge may also be suitable as serviced residences or a custom-built co-living development. If approved for serviced apartments, Newton Lodge could potentially house around 50 to 60 rooms which could be rented for a minimum seven-day stay.
"Professionally-run and organised co-living concepts to the levels of the coworking phenomenon are still in their infancy in Singapore, and are expected to grow, especially with high stamp duties payable for home purchases by foreigners in Singapore," said Mr Karamjit Singh, senior consultant at JLL.
"We are beginning to receive a lot more inquiries from new co-living operators and investors looking to venture into Singapore."
The tender for Newton Lodge closes on Thursday, July 11, at 2.30pm.