SINGAPORE - Owners of Newton Lodge, a 16-unit apartment block in Newton Road, have put their freehold 21,409 sq ft site up for tender at a minimum price of $44 million.
This translates to a land rate of $1,468 per sq ft per plot ratio (psf ppr) at a 1.4 gross plot ratio, said the property's sole marketing agent JLL. Factoring in an additional 8 per cent bonus gross floor area for balconies and communal areas, the land rate drops to about $1,359 psf ppr. Development charges are not payable for the site's redevelopment.
The property is about 400m from Novena MRT station and the Novena commercial cluster. Major developments are underway in the Novena area to transform it into Singapore's largest healthcare hub, Health City Novena, by 2030, JLL noted.
Earmarked for residential use under the Urban Redevelopment Authority's 2014 Master Plan, the site may be redeveloped into a low-rise apartment project, serviced residence or a custom-built co-living development, said JLL. If approved for serviced apartments, Newton Lodge could potentially house around 50 to 60 rooms.
Karamjit Singh, senior consultant at JLL, said: "Purchasers who wish to develop an entire building for co-living spaces or short-term accommodation should find Newton Lodge's central location, project size and price quantum attractive. Not only would a boutique-sized project be more manageable, a smaller community of like-minded residents may also result in more meaningful social engagements."
The tender for Newton Lodge closes on Feb 26 at 2.30pm.