Built in 1993, the freehold site is located near Kembangan MRT station. (Photo: Century 21)
Vicenta Lodge, a freehold residential development in Lorong Marzuki, will be put up for en bloc sale tomorrow (3 February) with a guide price of $33.6 million.
This works out to a land rate of $1,173 psf per plot ratio (psf ppr).
Marketing agent Century 21 revealed that a development charge of about $1.33 million is payable for the site. However, including the 10 percent gross floor area for balconies, the land rate would be a lower $1,108 psf ppr.
The development was built in 1993 on 21,281 sq ft of land. Located near Kembangan Plaza and about 370m from Kembangan MRT station, the corner plot is zoned for residential use under the 2014 Master Plan with a gross plot ratio of 1.4.
This means that the site may be redeveloped into a building of up to five storeys high.
And since all 16 owners have consented to the sale, there is no need to obtain an approval of sale from the Strata Titles Board.
The tender for Vicenta Lodge will close on 28 February.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email firstname.lastname@example.org