February 08, 2022
SINGAPORE, 9 February 2022 – PropNex Realty will be relaunching the collective sale tender of Vicenta Lodge on 10 February 2022. The 16-unit freehold development at 16,18, 20, 22 Lorong Marzuki in Kembangan has a current reserve price of $27.2 million – down from $29 million, when it was offered for sale in the previous tender that was launched on 22 April 2021.
The reserve price of $27.2 million translates to a land rate of $983 per square foot per plot ratio (psf ppr) without factoring balcony space. Including the 7% balcony space, the land price works out to $968 psf ppr.
Tracy Goh, Head of Investment and Collective Sales at PropNex, said, “The owners have lowered their reserve price, sending a strong signal to developers that they are keen on selling the property in this tender relaunch. Despite the new cooling measures implemented from 16 December 2021, we remain optimistic about this collective sale tender given the site’s attractive location and the limited supply of new freehold apartments in the immediate areas.
“We expect the Vicenta Lodge site to interest developers as they seek to replenish their land inventory following robust sales in the primary market in 2021, where more than 13,000 new private homes were sold. We anticipate that housing demand, particularly for mass market homes to be resilient, underpinned by a sizable pool of first-time buyers and HDB upgraders who are least affected by the hike in additional buyer’s stamp duty (ABSD) rates,” Ms Goh added.
Under the Urban Redevelopment Authority's Master Plan 2019, the 1,977.1-sq m (approximately 21,281 sq ft) site is zoned Residential with a plot ratio of 1.4. It has a gross floor area (GFA) of 2,767.94 sq m (approximately 29,794 sq ft) and can potentially be redeveloped to offer 27 residential units with an average size of 1,076 sq ft.
The Vicenta Lodge site is about 370m to the Kembangan MRT station on the East-West Line - just two MRT stops to the Paya Lebar regional commercial hub and one stop to the Bedok town centre. It is also easily accessible via major roads, such as the East Coast Parkway (ECP) and Pan-Island Expressway (PIE).
Schools in the area include St. Stephen’s School, Tao Nan School, CHIJ (Katong) Primary, Haig Girls’ School, Maha Bodhi School, Opera Estate Primary School, Tanjong Katong Primary School, and Telok Kurau Primary School.
The collective sale tender exercise will close at 2 pm on 10 March 2022.
Source: PropNex Realty
January 28, 2022